Monday, September 22, 2008 [ philstar.com ]
Leisure & Resorts World Corp. (LRWC) expects to register $5 million in additional revenues in the first year of operations of its joint venture with Asia-Pacific gambling group Asian Logic Ltd.
Under the agreement forged in July, LRWC and AsianLogic will acquire a new local company that will engage in land-based sportsbook operation through a share swap. LRWC will issue 342.858 million new shares from the unissued portion of its capital stock worth P3.50 each share over six semi-annual periods as payment to Asianlogic.
LRWC president Albee Benitez said revenue contributions of the joint venture are projected to increase to $6 million and $7 million in the second and third year of operations, respectively.
LRWC’s partnership with Asian Logic will allow it to penetrate the Asia-Pacific multi-billion peso gaming industry.
Asian Logic is involved in the development, operation, management and/or marketing of online casinos, online poker, multiplayer P2P and Asian Games, online and land-based sportsbetting, landbased slot machine and server-based gaming, including live videostream casino gaming across the Asia-Pacific Region. It maintains online gambling licences in Alderney, the Philippines (through the Cagayan Economic Zone Authority) and Curacao.
“We feel that this is a good start to enter the regional market. Asian Logic is one of the leading players in the Asian-Pacific gaming market,” Benitez said.
With a manpower of over 300 people, Asian Logic was established in 2002 by a number of investment and gambling professionals who recognized the potential of online and interactive gambling in the Asia Pacific Region.
Reports said Asia-Pacific will remain the region with the highest overall spending on gaming, reaching $18.8 billion in 2011.
Asian Logic also acts as a distributor/reseller for Playtech in the region and as part of these activities it also assists with business development, product customization and localization for Asian markets.
Among the online casinos it operates are “Megasport Casino, Dafa888, Asian Casino, Zipang Casino and Tila Casino.
The Asian Logic Group operates land-based sports betting outlets in the Philippines under its ‘MegaSportsWorld’ brand.
Meanwhile, LRWC’s board approved the declaration of a P0.06 cash dividend per share to shareholders of record as of October 24, payable on Nov. 14.