LRWC hopes to raise up to US$32m through private placement

The company aims to strengthen its technology platforms and develop better products and services.

The Philippines.- Leisure & Resorts World Corp (LRWC) has announced that it hopes to raise PHP1.85bn (US$33.2m) from a private placement of 691.2m common shares, which had been approved in November.

At a stockholders’ meeting, the company said the purpose of the placement is “to further strengthen its technological platforms, to develop better products and services, and to support the expansion of the Company’s businesses.” It also needs to have more ready capital to support the cost of operational and capital expenditures.

In March, LRWC issued 1.27bn common shares at an issue price of Php1.65 per share. 

Leisure & Resorts World Corp reported revenue of PHP2.9bn in the third quarter, up 491 per cent year-on-year. It said the increase was “mainly from bingo games, electronic games and the casino businesses.” Third-quarter EBITDA showed a growth of 602 per cent from last year’s loss of PHP111m to a positive PHP560m.

The company posted its net income of PHP172m for the three quarters that ended September 30, its first positive net income since the start of the Covid-19 pandemic. It achieved a net profit of PHP429m, compared to a net loss of PHP107m in the previous year.

LRWC President Andy Tsui said: “We will continue to strive for improvement and maximize returns for our stakeholders.”