MANILA, PHILIPPINES -- Filipino gaming and entertainment firm Leisure & Resorts World Corp. (LRWC) recently announced that it had purchased 26,250 shares of another gaming company, Blue Chip Gaming and Leisure, for an undisclosed amount.
The purchase of shares amounted to a 70% stake in Blue Chip Gaming which operates a slot arcade in Olongapo City in Zambales province in the northern Philippines. With the purchase, LRWC will now acquire the casino license issued to the slot arcade by the state gaming authority Philippine Amusement and Gaming Corporation (PAGCOR).
In related news, LRWC also disclosed that its board had approved the increase in authorized capital of its subsidiary AB Leisure Global, Inc. to Php 400 million (US$ 9.18 million). AB Leisure is currently in partnership with Belle Corp. in the development of a casino complex project inside the US$1 billion integrated entertainment resort along Manila Bay. Under the deal, AB Leisure will be managing the casino in cooperation with Macau-based Galaxy Entertainment.
Aside from AB Leisure, LRWC also manages and operates First Cagayan Leisure & Resorts Corporation, the company mandated by the Cagayan Special Economic Zone and Freeport (CSEZP) to operate, manage, and regulate offshore gaming companies seeking gaming licenses from the special economic zone.
Posted: May 25, 2011
