Philippines gaming conglomerate Leisure & Resorts World Corp (LRWC) says Php2.1 billion (US$40 million) raised via a private placement last week will be used to enhance the company’s online gaming platform.
The private placement, conducted on Friday, saw LRWC issue 1,272,352,512 common shares at an issue price of Php1.65 per share, it was announced earlier this week.
Providing further details of its plans for the additional funding, LRWC said, “The funds raised will be used for developing the company’s online platform, aiming to provide its clients a new and better gaming experience.
“Furthermore, part of the funds will also be used to finance the operational and capital expenditures of the company, and to lower down the Company’s overall debts by paying off some of the loans.”
LRWC described itself as being “aggressive in innovations and improvement of its products and services”, pointing to the recent launch of a new online bingo product, Online Traditional Bingo (OTB) – the first online traditional bingo game to be licensed by gaming regulator PAGCOR.
LRWC also announced in September that it had been granted accreditation from PAGCOR to launch a new retail and online sportsbook for local users – the third such company to receive online sports betting accreditation alongside MegaSportsWorld and Jade SportsBet.
The company said completion of the private placement showed that it has strong growth potential and support from investors.
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