Blue Chip Gaming and Leisure Corp, a subsidiary of Leisure and Resorts World Corp (LRWC), has been given the right to lease four VIP clubs of the Philippine Amusement and Gaming Corp (Pagcor).
The news was given in a filing to the Philippine Stock Exchange on Thursday by Leisure and Resorts World Corp.
The Pagcor VIP Clubs subject to the leasing agreement are at: Subic Bay Freeport Zone, Subic Zambales “with Palmgold International Ltd”; and at Pan Pacific, Malate Manila; Paseo Premier Hotel, Santa Rosa Laguna; and Apo View Hotel, Davao City, all “with Pacific Palm Corp”, said the filing.
The terms under which Blue Chip Gaming and Leisure will lease the facilities were not mentioned in the filing. The document said confirmation and approval of the leases was still to be finalised.
Pagcor is the regulator of the Philippine casino industry and also the operator of some publicly owned casino facilities.
Leisure and Resorts World Corp is an investor – via a subsidiary – in the City of Dreams Manila casino resort in the Philippines capital. The latter property is operated by Melco Crown (Philippines) Resorts Corp.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia