LRWC eyeing P1 billion for more bingo sites, building project (themanilatimes.net/January 25, 2013)
February 6, 2013
Listed gaming firm Leisure and Resorts World Corp. (LRWC) is looking to spend P500 million for 30 to 40 additional bingo sites, and another P500 million for a joint office building project in Makati City called Techzone.
LWRC Investor Relations Officer Freddie Reyes said in a telephone interview that as part of the proceeds from its planned offering of P1.75 billion preferred shares within the year, the company is looking to spend P500 million for the 30 to 40 additional bingo sites it is planning to roll out in 2013.
“We were looking to allot P500 million for bingo sites, including existing sites where we have to renovate,” he said.
Reyes, however, said that the firm might generate cash in the process of allocating the additional bingo sites, so they might spend less of the P500 million.
“The company is focused on rolling out more sites with the electronic variants of its bingo games. In its existing bingo sites, more electronic bingo games [EBG] and Rapid Bingo machines are being deployed. The company’s Bingo Boutique outlets, which contain only electronic game, are also being set up and deployed. Currently, there are 23 Bingo Boutique sites. The company plans to add between 30 to 40 new sites this year,” a company disclosure to the Philippine Stock Exchange stated.
Reyes also said that LRWC might allocate another P500 million for a joint venture project to build an office building in Makati called Techzone.
“Our participation [in the project] is P500 million but to qualify that, some of the units will be sold, so maybe the whole amount will not be needed,” he said.
LRWC’s subsidiary, First Cagayan Leisure and Resorts Corp., is currently negotiating with a developer for the construction of a world-class business process outsourcing building in Makati.
As for its 2013 outlook, Reyes said that LRWC is expecting continued growth and is hoping that its recently-acquired Midas Hotel would start contributing significantly to earnings.
The company on Wednesday announced that it is going to offer P1.75 billion preferred shares within this year to fund major projects in its pipeline, including the $1-billion Belle Grande Integrated Resort and Casino project in Entertainment City, Pasay City.
LRWC also said in its disclosure to the exchange that it is planning to increase its authorized capital stock from P1.6 billion to P5 billion.
By Madelaine B. Mira Flor
25 January 2013
Category: Press Releases