MANILA, Philippines — Leisure & Resorts World Corp. (LRWC), the listed gaming company founded by lawmaker Alfredo Benitez, is gearing up for expansion after raising P4.4 billion in fresh capital.
LRWC successfully raised P4.4 billion in a private placement of shares, proceeds of which would be used to fund its expansion plan, officials said during the company’s annual shareholders meeting on Friday.
As part of the plan, the company intends to expand its retail and slot machines which have been growing double-digit and are continuing to project a positive outlook.
“In particular, LRWC plans to open or acquire 10 to 15 new sites for its bingo, e-casino and slot arcade businesses as well as continue the renovation and modernization of existing outlets for first-class gaming experience,” LRWC said.
The company ended 2018 with 192 sites, inclusive of nine new sites.
“LRWC continues to dominate the industry,” officials said.
LRWC is also set to introduce additional products to serve as new engines of growth, capitalizing on the overall growth of the Philippine gaming industry.
“The capital infusion will not only help sustain LRWC’s dominance in the gaming sector through expanded footprint, but will also greatly strengthen its financial position. As previously disclosed, a large portion of the proceeds from the private placement will be used to refinance the company’s existing obligations which will improve cash profit through reduced interest expenses,” it said
Last year, LRWC reported a net income of P480 million, 12 percent higher than the P429 million recorded a year ago.
It recently announced that Benitez, the third richest congressman in the Philippines who has served his third and last term as representative of the third district of Negros Occidental, would be back at the helm of the company as chairman replacing Reynaldo Bantug who retired effective July 17.
Aside from Benitez, the new members of the board elected during Friday’s meeting were Lawrence Cobankiat, who replaced Clarita Zarraga and Johnson Cheung replaced Edgardo Lopez.
The rest of the board members are Ignatius Yenko, Willy Ocier, Paolo Martin Bautista, Eusebio Tanco, Anthony Almeda (independent director) Eng Hun Chuah, Renato Nuñez and Max Aaron Wong.
LRWC has a wide array of services including management and operation of general amusement, recreation enterprises and hotel and gaming facilities.
The company is also the partner of Macau-based Galaxy Entertainment Group, which was supposed to build a casino in Boracay but this plan was overtaken by events including the six-month rehabilitation of the popular tourist island.