Leisure & Resorts World Corp. said its board of directors has agreed to the sale of common shares to raise PHP2.09 billion ($40 million) for the company.
A total of 1.27 billion common shares will be sold from its unissued capital stock at a price of PHP1.65 a share, LRWC said in a filing with the Philippines Stock Exchange, giving no further details.
LRWC has been ramping up its presence in the domestic online gaming market in the Philippines after the Philippines Amusement and Gaming Corp. (PAGCOR) opened the market in late 2020 to raise funds for the Covid battered economy.
A wholly owned LRWC unit won PAGCOR approval in September last year as an electronic games systems provider. Since then, Total Gamezone Xtreme has rolled out its own sports betting platform, known as GSPORTS.
While the group’s AB Leisure unit won approval in January this year to run the Philippines’ first online bingo service.
LRWC had also planned to develop an integrated resort on Boracay island with Macau’s Galaxy Entertainment.