Investment firm Frontier Capital Group Ltd says it is still looking to raise the Php225 million (AU$6.5 million) needed to meet Pagcor’s escrow requirements after the Philippine gaming regulator suspended casino operations at Casablanca Casino in February.
The Australian-listed firm released its unaudited 2016 financial results on Monday, booking an AU$41.3 million loss for the year “mainly due to impairment of acquisition goodwill of CK Graphic (a Malaysian design firm purchased in 2015) $7.96 million and acquisition goodwill of Stotsenberg Hotel $31.1 million.”
In its filing, Frontier Capital said that, “Release of the company’s statutory accounts was delayed due to the complexity and inherent uncertainty of completion of a transaction to meet Pagcor’s requirements.”
“The company continues to seek the necessary funds,” it added.
Frontier Capital acquired Stotsenberg Leisure and Hotel Corp – operator of Stotsenberg Hotel and Casablanca Casino in the Clark Freeport Zone – in 2016 in a deal that included an annual AU$5 million profit guarantee for five years from the firm managing the casino, E!xcite Gaming and Entertainment Inc.
Frontier Capital also announced plans to expand the casino, which housed 190 slot machines, 36 gaming tables and two VIP rooms before operations were suspended.
The company’s gaming revenue from its first year of gaming operations in 2016 was AU$18.8 million.
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