Leisure Resorts World to open 10 bingo outlets this yr
July 29, 2017
BY ANGELICA BALLESTEROS, TMT ON
LISTED gaming firm Leisure & Resorts World Corp. (LRWC) said on Friday it is targeting to put up 10 more bingo outlets this year in line with its commitment to put up 20 branches annually.
The company has so far put up 11 branches since the third quarter last year up to the first quarter of 2017.
“For this year, I guess the target is about 20 per year, so maybe another 10, either [by]acquisition or new services,” LRWC Investor Relations head Alfredo Reyes told reporters following the company’s stockholders’ meeting.
“We’re on the lookout for good areas where we can set up good retail operations. So that’s the countryside, for instance, there’s still a good market for the retail of electronic bingo.”
Details have yet to be finalized as the company is still in the process of locating potential sites.
Meanwhile, the company said it remains positive on its business outlook for the rest of the year.
LRWC chairman and President Reynaldo Bantug said the company is slowly regaining lost ground in terms of the number of operating sites.
“Year 2016 was a stable year until towards the end. When 2017 started, it was chaotic. So of course that has an effect on your revenue side, but slowly we’re regaining the previous levels,” Bantug said in the same interview.
“But we’re now following strictly, of course, all the government requirements. The new requirements that Pagcor has are strictly being followed,” he added.
LRWC is engaged in retail gaming through its bingo and eCasino outlets (AB Leisure Exponent and Total game Zone Extreme), online gaming based in Cagayan (First Cagayan Leisure and Resorts Corp., First Cagayan Converge Data Center Inc. and LR Land Developers Inc.), casino operations in Midas Hotel and Casino (Prime Investment Korean Inc. and Hotel Enterprises Philippines Inc.) and property and investments in City of Dreams via leasing payments from Belle Corp. (AB Leisure Global Inc.).
Category: In The News