Leisure and Resorts to get US$33mln in private placing

Dec 13, 2022 Newsdesk Latest News, Philippines, Top of the deck  

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Philippine gaming investor Leisure and Resorts World Corp said in a Monday filing it planned to raise up to PHP1.85 billion (US$33.2 million) from a private placement of 691.2 million common shares, the issuance of which had been approved in November.

It told the Philippine Stock Exchange that the purpose of the exercise, as mentioned at a special stockholders’ meeting on November 24, was to “further strengthen its technological platforms, to develop better products and services, and to support expansion of the company’s businesses; hence, it anticipates the need to have more ready capital to support the cost of operational and capital expenditures”.

In March, Leisure and Resorts said it had completed a private placement of some unissued shares, raising nearly PHP2.1 billion.

Monday’s filing noted that the company reported total revenues of PHP2.9 billion in the third quarter, which it said was an increase of 491 percent year-on-year. The increase was “mainly from bingo games, electronic games, and the casino businesses of the company,” it noted.

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.

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