MANILA, Philippines — Leisure & Resorts World Corp. (LRWC), the country’s biggest bingo parlor operator, is raising P2.1 billion through a private placement, to further expand its e-games business.
The company’s board of directors approved on March 7 a private placement of the company’s unissued capital stock of 1.3 billion common shares at an issue price of P1.65 per share.
LRWC, chaired by Eusebio Tanco, will use the funds to develop its online platform in line with efforts to provide its clients new and better gaming experience.
Part of the proceeds will also be used to finance the operational and capital expenditures of the company, and to lower its overall debts by paying off some of the loans.
LRWC has been aggressive in innovations and improvement of its products and services.
One of the most recent notable achievements would be BingoPlus. It is the first platform in the country that offers online traditional bingo.
It launched its online platform, bingoplus.com, in January. Additionally, it awarded eight millionaire Jackpot winners in just a month.
The new game transforms the way traditional bingo is played by combining the practice of the old version and the convenience of new technology.
More bingo patrons are expected to sign up as the game can be conveniently accessed online via streaming and it can also be played on-site in LRWC’s Bingo Bonanza Traditional Bingo Halls in Metro Manila and other provincial areas, LRWC said.
LRWC came out with the online version of bingo to capture a market that enjoys playing social bingo prior to COVID-19 related lockdown.
The private placement signifies that LRWC has strong growth potential, and continuous trust and support from our investors, Tanco said.