Filipinos can expect to see a lot more gambling sites dotting the country soon. Leisure & Resorts World Corp (LRWC) has raised PHP4.4 billion ($86 million) in new funds, and they already have a plan to spend it with.
The Philippine Star reports LRWC raised the funds through a private share sale, and have already made their intent known to expand their Philippine operations. This news came from a shareholders meeting on July 26.
Specifically, the operator plans to re-invest in its retail and slot sites, which have been helping to propel the company forward. They commented:
“In particular, LRWC plans to open or acquire 10 to 15 new sites for its bingo, e-casino and slot arcade businesses as well as continue the renovation and modernization of existing outlets for first-class gaming experience.”
LRWC is coming off a very strong 2018, which should give their new shareholders confidence in their ability to perform even better with these new sites. They brought in a net income of PHP480 million ($9.4 million) for the year, 12% better than 2017. They did so with 192 sites, so with 10 new sites on the conservative side, that should already be a nice bump to total numbers.
“The capital infusion will not only help sustain LRWC’s dominance in the gaming sector through expanded footprint, but will also greatly strengthen its financial position,” they said in their meeting. “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.”
This is great news for LRWC, but there’s one big question left unanswered: Will there be a casino in Boracay? Probably not, based on the statements of government officials in recent years. As of 2018, the company had released statements that they would look for a new site to build after the previous plans fell through.
Whatever the case, LRCW is confident of their plans going forward. “LRWC continues to dominate the industry,” officials said.
