Philippines diversified gaming company Leisure & Resorts World Corporation (LRWC) said Monday it expects to raise up to Php1.85 billion (US$33 million) to support further expansion of its business via the issuance of 691,200,000 common shares for private placement.
This is the third such fund-raising exercise it has embarked on since March.
The approved price is derived from RWLC’s 30-trading day Volume Weighted Average Price (VWAP) per share of Php2.55 based on Philippine Stock Exchange calculations, with application of a 5% premium taking their value to Php2.68 per share.
LRWC said Monday that it anticipates the need to have more ready capital to support the cost of operational and capital expenditures with the private placement to “further strengthen its technological platforms, to develop better products and services, and to support expansion of the company’s businesses.”
LRWC has enjoyed a strong recovery in recent months, with 3Q22 revenues of Php2.9 billion up 491% year-on-year and EBITDA of Php560 million reversing a 3Q21 loss.
The increase in revenues was mainly from LRWC’s bingo games, electronic games and casino businesses.
“The figures for the three quarters this year align with the investment and business strategies that the company’s management had outlined,” it explained.
“The company will continue to build on that momentum and invest heavily on technology and new products to support future growth opportunities.”
LRWC’s interests include the leasing of slot machines and operation of slot arcades on behalf of PAGCOR, while last September it was granted accreditation from the regulator 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.
Another product, BingoPlus, became the first online traditional bingo game to be licensed by PAGCOR when launched in February.
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