In the Philippines and local gaming operator, Leisure and Resorts World Corporation (LRWC), has reportedly announced that it has raised over $86.23 million that it now intends to utilize in order to significantly expand its business.
According to a report from The Philippine Star newspaper, the Manila-listed firm revealed that it harvested the cash via a recent private share placement and will consequently be enlarging its retail and slot machine estate, which last year recorded a 12% rise year-on-year in net income to almost $9.41million.
Reportedly read a Friday statement from LRWC…
“In particular, LRWC plans to open or acquire ten 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 continues to dominate the industry.”
The newspaper reported that LRWC ended last year with 192 sites, which included nine new venues, and now furthermore has plans to introduce even more innovative products onto the market so as to help drive even more growth by capitalizing on the overall boom in the Philippines gaming industry.
The statement from LRWC reportedly read…
“The capital infusion will not only help sustain LRWC’s dominance in the gaming sector through an expanded footprint but will also greatly strengthen its financial position. 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.”
In associated news and The Philippine Star moreover reported that LRWC recently detailed that its founder, Alfredo Benitez, had agreed to replace the retiring Reynaldo Bantug as its Chairman in order to oversee a business empire that also runs to the operation and management of hotels and a wide range of recreation and amusement enterprises.