Philippine Gaming Investor LRWC to Raise $33M in Private Funding

Leisure and Resorts World Corp, a Philippine gaming investor, stated in a Monday filing that it aimed to fund up to PHP1.85 billion (US$33.2 million) through a private placement of 691.2 million common shares, the issue of which had been approved in November.

According to the investor, it plans to continue to strengthen its technology platform, develop better products and services, and support the expansion of the company’s business. Therefore, it anticipates that it will need to have more capital available to cover operating and capital expenditures, as stated in November at the extraordinary general meeting of shareholders.

According to the press release, LRWC recorded total revenues of PHP2.9 billion in the third quarter, a 491 percent rise year over year. The growth was attributed to “mostly from bingo games, electronic games, and the company’s casino operations,” according to the report.

In 2017, Leisure & Resorts was linked to a US$500 million casino plan for the Philippine tourist island of Boracay, which was billed at the time as a collaboration with Macau casino operator Galaxy Entertainment Group Ltd (GEG). Plans were to put up a world-class integrated beach resort and casino in Boracay Island.

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