MANILA – After successfully raising PHP4.4 billion via placement of shares, Leisure & Resorts World Corporation (LRWC) is aggressively implementing expansion initiatives by developing new gaming sites, buying existing ones, and expanding profitable ones.
It 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.
“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,” the company said in a statement.
LRWC earlier disclosed that a large portion of the proceeds from the private placement will be used to refinance its existing obligations which will improve cash profit through reduced interest expenses.
In 2018, the company reported gross revenues of PHP15.4 billion, which is 5.5 percent higher than its 2017 gross revenues of PHP14.6 billion.
LRWC continued to register new record-high revenue performance in the first half of 2019, mainly driven by the strong growth of its retail and slot arcade businesses.
“With major transformations in the pipeline, LRWC will ramp up its expansion and improvement initiatives in order to achieve a sustainable and more profitable growth,” it added. (PR)
