Philippine gaming company Leisure and Resorts World Corp says it is ready to expand its presence in the country, backed by PHP4.4-billion (US$86.2 million) raised in March via a private placement of shares.
In a statement given to reporters following the company’s annual shareholders meeting on Friday, the company said it was focusing its expansion programme on its retail and slot-machine business.
Leisure and Resorts World said it planned to acquire 10 to 15 new sites to expand its business. The company stated that it would also renovate and modernise some of its existing outlets. It operated an aggregate of 192 sites at the end of 2018.
The Philippine Star newspaper reported that Leisure and Resorts World said also that it would introduce additional products in order to capitalise on the overall growth of the Philippine gaming industry.
“The capital infusion will not only help sustain Leisure and Resorts World’s dominance in the gaming sector through expanded footprint, but will also greatly strengthen its financial position,” stated the company.
It added: “As previously disclosed, a large portion of the proceeds from the private placement will be used to refinance the company’s existing obligations which will improve cash profit through reduced interest expenses.”
Leisure and Resorts World made a net profit of PHP430.3 million last year on gross revenue of PHP14.94 billion. It reported the result at the same time as its first-quarter profit, which dipped 70 percent.
Macau casino operator Galaxy Entertainment Group Ltd announced in December that in partnership with Leisure and Resorts World, it would invest up to US$500 million in building a casino on the resort island of Boracay. An aide to Philippine President Rodrigo Duterte subsequently said the national leader was opposed to allowing a new casino on the holiday island.
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Spending on purchase of goods, commissions paid and customer rebates in Macau's gaming industry in 2018