Leisure and Resorts World (LRWC) is adding between 10 and 15 new arcades in the Philippines while national officials flip-flop on support for gaming.
Under the plan, LRWC will open its own new arcades. Or, it will acquire existing venues.
The company also plans to add offerings beyond the more traditional slots, e-casino and bingo. LRWC will additionally upgrade current outlets — which totaled 192 sites as of last year.
The LRWC expansion is funded by a PHP4.4-billion ($86.2 million) investment raised in March from financial firms. Between 70 and 80 percent of proceeds will refinance the company’s existing obligations, and the balance will either fund the expansion or provide working capital.
The capital infusion will not only help sustain Leisure and Resorts World’s dominance in the gaming sector through expanded footprint, but will also greatly strengthen its financial position,” the company said in a statement released last Friday at an annual meeting.
“A … large portion of the proceeds from the private placement will be used to refinance the company’s existing obligations which will improve cash profit through reduced interest expenses,” the statement adds.
But the initiative comes as some forms of gambling face an uncertain future in the Southeast Asian nation with Philippines President Rodrigo Duterte flip-flopping on his support for expanding gaming.