By Neil Jerome C. Morales (The
Philippine Star) | Updated September 17, 2013 - 12:00am
MANILA, Philippines - Hotel and
recreation firm Leisure & Resorts World Corp. (LRWC) is beefing up its
casino business by luring more foreign gamers.
In a regulatory filing, LRWC said its
its wholly-owned subsidiary, Prime Investment Korea Inc. (PIKI), and the
Philippine Amusement and Gaming Corp. (Pagcor) have executed a supplement
junket agreement.
This allows LRWC and Pagcor to enhance
the existing junket gaming operations in Casino Filipino located at Midas Hotel
and Casino along Roxas Blvd.
Late in July, LRWC secured Pagcor’s
approval to operate junket operations in Midas Hotel and Casino, targeting
Asian high-rollers, particularly Chinese mainlanders.
“The supplementary services will allow
Pagcor and PIKI to tap into foreign gaming markets in order to attract foreign
tourist arrivals in the Philippines,” LRWC said.
The agreement includes the provision
to operate gaming tables equipped with high-definition video cameras, voice
over Internet protocol facilities, and other Internet data facilities.
It will allow PIKI “to broadcast
Pagcor-approved table gaming activities from within the gaming rooms to
Pagcor-approved locations outside the Casino Filipino-Midas,” LRWC said.
The hotel and recreation firm is
ramping up its bingo and hotel gaming facilities.
It has budgeted P500 million to build
an annex for Midas Hotel and Casino. In November, LRWC secured a 50-percent
stake in the hotel.
The listed company is also on the
lookout for more hotels with gaming facilities while beefing up its electronic
gaming portfolio and bingo sites.
In July, LRWC secured shareholders’
approval to issue P250 million worth of Series 2 preferred shares, which will
bankroll construction and capital expenditures of Midas Hotel and Casino and
Techzone office building in Makati.
LRWC is also one of the companies
behind the $1.3-billion Belle Grande Manila integrated casino complex in
Parañaque.
LRWC’s subsidiary, AB Leisure Global
Inc., is entitled to 30 percent of the fixed yearly income generated from the
lease of all commercial spaces in Belle Grande Manila. It will also earn from
casino operations.
Belle Grande Manila, which will start
operations in the second half next year, will be the second casino complex to
open in Pagcor Entertainment City, the area groomed to become the Philippines’
version of the Las Vegas strip.
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