Leisure and Resorts to raise US$40mln via share issuance

Mar 08, 2022 Newsdesk Latest News, Philippines, Top of the deck  

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Philippine gaming investor Leisure and Resorts World Corp says its board of directors has approved the issuance of just above 1.27 billion common shares of the firm’s unissued capital, with the intent of raising nearly PHP2.10 billion (about US$40.3 million). The shares will be issued at a price of PHP1.65 apiece, according to a Tuesday filing.

Some wholly-owned units of Leisure and Resorts run land-based gaming operations, including VIP gaming clubs in Philippine casinos, and electronic gaming machine halls. The group also has an online gaming licensing arm.

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 conducted 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).

Leisure and Resorts reported gross revenue of PHP1.88 billion in the nine months to September 30, 2021, down 33.8 percent from the prior-year period. The company narrowed its net loss for the period to PHP465.2 million, from PHP785.5 million in the first nine months of 2020.

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