Philippine gaming investor Leisure and Resorts World Corp stated in a Wednesday filing it would use the almost PHP2.1 billion (US$40.3 million) proceeds from a private placement of some currently-unissued shares, for things including “developing the company’s online platform aiming to provide its clients new and better gaming experience”.
The group added in its statement to the Philippine Stock Exchange – following up on its Tuesday news about the placement – that some of the money would be employed to “finance the operational and capital expenditures of the company, and to lower… the company’s overall debts by paying off” some of its loans.
Leisure and Resorts had previously been linked to a US$500-million casino plan for the Philippine holiday island of Boracay, which at the time was described as a partnership with Macau casino operator Galaxy Entertainment Group Ltd.
In February, the Philippine firm said the group’s newest gaming brand, BingoPlus, had done a soft launch for a product called “online traditional bingo”. The company said it was “the first online traditional bingo licensed” by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).
Wednesday’s statement said the bingo product had “quickly become a community favourite”.
The update said the private placement “signifies that Leisure and Resorts World Corp has strong growth potential, and continuous trust and support from our investors”.
It added: “The company’s chairman, Mr Eusebio Tanco, holds a positive outlook on the new developments and actively participated in the private placement as well.”
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Philippine Amusement and Gaming Corp