MANILA, PHILIPPINES - Local gaming firm, PhilWeb Corp., continued with its overseas expansion with the signing of an agreement with a Laos-based conglomerate to jointly setup and operate games of chance in the Indo-Chinese country.
In a statement released last week by PhilWeb, the Filipino gaming company said that is is partnering with the industrial conglomerate, Simuong Group (SMG), to introduce in Laos lotteries, internet game cafes and kiosks, as well as mobile games. These would be similar to PhilWeb's current agreement with Philippine state gaming agency, the Philippine Amusement and Gaming Corporation (PAGCOR), whereby the former runs on the latter's behalf internet gaming kiosks called "E-Games".
The memorandum of agreement signed by both companies concluded the visit to Manila done by SMG officials led by Ekaphanh Phapitak, president of SMG and son-in-law of Laos minister for defense and vice-prime minister.
According to PhilWeb:
"The games will operate under exclusive Lao People's Democratic Republic (Lao PDR) government franchises, and will create new revenue channels to fund its infrastructure and social development projects."
While gambling is not allowed for Laos citizens, its is possible for foreign nationals to gamble in Laos especially in the country's numerous "border casinos" whose regular patrons include players from Thailand, Vietnam, China and other countries. Since it is illegal for these players to gamble in their own countries, they cross the border, so to speak, into Laos to try their luck at the border casinos.
The SMG conglomerate operates business in the fields of infrastructure construction, development and design, import-export, auto dealership, hydroelectric engineering, mining, wood processing, an finance. The agreement with PhilWeb marks SMG's first foray into the gaming industry.
Said PhilWeb:
"This will be SMG's first venture into the gaming business, where PhilWeb's expertise and track record will prove to be a major advantage."
Source: Manila Times and BusinessWorld
Date Posted: November 30, 2010
