GGRAsia – Manila casino investor bid for e-games outlets accepted

Manila casino investor bid for e-games outlets accepted

Jul 15, 2014 Newsdesk Latest News, Philippines, Top of the deck

Manila-listed Leisure & Resorts World Corp has moved closer to taking over what is described as the Philippines’ biggest operator of so-called e-Games outlets.

Such venues are parlours or cafes dedicated to online casino-style games. They are licensed by the Philippine Amusement and Gaming Corp (Pagcor), the operator-cum-regulator of casino games in the country.

In a disclosure to the Philippine Stock Exchange, gaming firm Premiere Horizon Alliance Corp said its shareholders had approved Leisure & Resorts World’s offer to buy all of Premiere Horizon’s stake in Digiwave Solutions Inc.

Digiwave currently operates Pagcor-licensed e-Games outlets in Metro Manila and nearby provinces.

The proposal, which was sent to Digiwave shareholders on May 20, offered to buy 100 percent of Digiwave’s outstanding capital stock for PHP620 million (US$14.2 million).

Leisure & Resorts World is a holding company with a wide range of interests in the entertainment sector, including a capital investment – via its 100-percent owned unit AB Leisure Global Inc – in the under-construction Philippines casino resort City of Dreams Manila.

Leisure & Resorts World also owns just under 70 percent of First Cagayan Leisure and Resort Corp – the master licensor for offshore online gaming permits issued by the Cagayan Special Economic Zone.