Philippine-listed game technology provider PhilWeb Corp. has capped off a tumultuous year by going on a last-minute shopping spree.
In a disclosure to the Philippine Stock Exchange, PhilWeb announced that it acquired an eGames café of the Philippine Amusement and Gaming Corporation (PAGCOR) and a PAGCOR Bingo Game station in Cainta, Rizal, through PhilWeb subsidiaries BigGame, Inc. and Easy E-Bingo, Inc.
Ching Bu Gaming Corporation received 2.25 million PhilWeb common shares in exchange for the two gambling facilities, according to PhilWeb. The gaming technology provider also announced that it swapped some 1.25 million PhilWeb common shares with Florante O. Castillo in exchange for his PAGCOR eGames café in Pasay City.
The acquisitions come at a time when the state regulator had finally issued PhilWeb a provisional certificate of accreditation recognizing the firm as an electronic gaming system (EGS) provider.
Last week, PhilWeb announced that it would start offering its services to at least 16 Philippine Amusement and Gaming Corporation (PAGCOR)-licensed eGames cafes as soon as PAGCOR finishes its thorough electronic games inspection and testing.
PAGCOR, however, clarified that PhilWeb cannot operate all of its stations just yet.
The Manila Bulletin reported that PhilWeb is still in “trial operations,” which are limited to EGS in 16 gaming outlets.
PAGCOR duly informed PhilWeb “about the need to procure and deploy an Electronic Gaming Management System that will serve as Audit Platform to handle player registration, player accounts management, player funds, reporting and audit.”
In the absence of such a system, PAGCOR said the new regulatory structure for the EGS cannot become operational.
For PhilWeb investors, PAGCOR’s clarification is still good news considering that its operations will no longer be idle compared to last year when its Intellectual Property License and Management Agreement (IPLMA) expired and was not renewed.
The non-renewal of PhilWeb’s IPLMA sent its net income plunging by as much as 134 percent to PHP297.7 million (US$6.01 million) in 2016 from PHP869.6 million ($17.55 million) in 2015.
With PAGCOR’s greenlight, PhilWeb is hoping to make a turnaround in 2018.