LRWC expands into online gaming

MANILA, Philippines - Hotel and recreation firm Leisure & Resorts World Corp. (LRWC) has firmed up its plan to expand into the online casino business with its P620-million purchase of an e-Games station operator.

“The company announces that it entered into an asset and share purchase agreement with Premiere Horizon Alliance Corp., Digiwave Solutions Inc. and Total Gamezone Xtreme Inc. (TGXI),” LRWC said told the local bourse yesterday.

Subject to the approval of the Philippine Amusement Gaming Corp. (Pagcor), LRWC said it will acquire 100 percent of TGXI for P620 million.

Premiere Horizon, which owns 85 percent of Digiwave, said the deal is in line with the plan to liquidate some investments to generate funds for new projects.

Digiwave, the market leader in the operations of Pagcor E-Games stations in Metro Manila and nearby provinces, earlier transferred all its e-Games stations and related peripherals to TGXI.

In February, Premiere Horizon’s board of directors approved a plan to list Digiwave in the local bourse in this year.

Founded in 2006, Digiwave’s goal is to establish itself as the market leader in Internet gaming software in the Philippines and eventually compete in the international arena anchored on its proven expertise, experience and innovations in interactive gaming and entertainment.

For its part, LRWC beefed up its casino business in September last year after wholly-owned subsidiary Prime Investment Korea Inc. and Pagcor implemented a supplement junket agreement targeting foreigners.

The development allows LRWC and Pagcor to enhance the existing junket gaming operations in the Casino Filipino located at Midas Hotel and Casino along Roxas Blvd. The agreement includes the provision to operate gaming tables equipped with high-definition video cameras, voice-over-Internet protocol facilities, and other Internet data facilities.

The hotel and recreation firm is ramping up its bingo and hotel gaming facilities. It budgeted P500 million to build an annex for Midas Hotel and Casino.

LRWC is also one of the companies behind the $1.3-billion Melco City of Dreams Manila integrated casino complex in Parañaque. LRWC’s subsidiary AB Leisure Global Inc. is entitled to 30 percent of the fixed yearly income generated from the lease of all commercial space in the casino project.