Leisure and Resorts World to expand in the Philippines

Gaming operator Leisure and Resorts World Corp may expand in the Philippines by acquiring several new sites in the country.

Philippines.- Leisure and Resorts World Corp says it is ready to expand its presence in the Philippines. Backed by €77.3 million raised in March via a private placement of shares, the company is ready to move.

After the company’s annual shareholders meeting, they announced they’ll focus on its expansion programme on its retail and slot-machine business. Leisure and Resorts World plans to acquire 10 to 15 new sites in the Philippines to expand its business. They will also renovate and modernise some of its existing outlets, nearly 200 venues. 

“The capital infusion will not only help sustain the company’s dominance in the gaming sector through expanded footprint, but will also greatly strengthen its financial position,” stated the company.

“As previously disclosed, 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.”