LRWC expects to raise US$40.3m from share issuance

LRWC’s board of directors has approved and authorised the issuance of 1.27 billion common shares from it unissued capital stock. The company has not disclosed how it plans to use the funds.

The Philippines.-  Leisure & Resorts World Corp (LRWC) has announced that it will issue a total of 1.27 billion common shares at an issue price of Php1.65 per share. It hopes to raise PHP2.10bn (US$40.3m).

In September 2021, PAGCOR approved LRWC’s AB Leisure division’s request to begin operations as an electronic games system service provider. In January, the company launched the first online bingo offering in the Philippines.

LRWC reported total revenue of PHP1.88bn for the nine months ended September 30, 2021, down 33.8 per cent year-on-year. The company narrowed its net loss from PHP785.5m in the first nine months of 2020 to PHP465.2m.

Last year, LRWC expressed interest in resuming its partnership with Galaxy Entertainment Group Ltd to develop a casino resort on Boracay after Philippine president Rodrigo Duterte changed his mind about a ban on gambling there. However, residents on Boracay have come out against the possibility of a casino on the island.