GGRAsia – Leisure and Resorts Announces Online Equity Financing, Capex
Leisure and Resorts Announces Online Equity Financing, Capex
Philippine gaming investor Leisure and Resorts World Corp said on Wednesday it would use nearly PHP2.1 billion ($40.3 million) in proceeds from a private placement of certain currently unissued shares, in particular for “the development of the company’s online platform aimed at providing its customers with a new and better gaming experience”.
The group added in its filing to the Philippine Stock Exchange – following its placement news on Tuesday – that some of the money would be used to “fund the company’s operating and capital expenditures. , and to reduce… the company’s overall debts”. by repaying” some of its loans.
Recreation and resorts used to be tied to a US$500 million casino plan for the Philippine vacation 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 soft-launched a product called “traditional online bingo.” The company said it was the “first traditional online bingo allowed” by the country’s gaming regulator, Philippine Amusement and Gaming Corp (Pagcor).
Wednesday’s statement said the bingo product had “quickly become a community favourite.”
The update says the private placement “signifies that Leisure and Resorts World Corp has strong growth potential, as well as continued confidence and support from our investors.”
He added: “The chairman of the company, Mr. Eusebio Tanco, has a positive view of the new developments and has also participated actively in the private placement.”