MANILA – Listed gaming firm Leisure and Resorts World Corp. (LRWC) is earmarking Php300 million to Php400 million for capital expenditures this year, part of which will fund its planned acquisition and roll-out of more gaming sites.
LRWC Chairman and President Reynaldo Bantug said the company is eyeing to put up another 10 to 15 bingo boutiques outside Luzon before the end of 2015, in addition to existing 110 bingo sites and 52 PAGCOR E-Games Stations (PEGS).
“We are really very aggressive in putting our products where our market is. So we are aggressively expanding our retail sector…That’s where our expertise lie and we think the market is still huge in that area. We would to like to establish dominant presence in that area,” he told reporters.
With the establishment of new bingo sites this year, Bantug said the company’s electronic bingo machines are expected to reach over 8,400 from the current 7,700 machines. Each bingo boutique operates 70 machines. “We are in the process of acquiring as companies come to us, same time we are opening new sites,” said LWRC Investor Relations Officer Freddie Reyes.
Apart from setting up more bingo sites and gaming zones, Bantug said this year’s capex will also be spent for the expansion of Midas Hotel and Casino project.
“Within the capacity of the building, we are expanding the gaming area. We are continuously improving the facility. We are putting in more banquet areas for the hotel,” he said.
Meanwhile, the company also announced a plan to expand its business process outsourcing (BPO) building project in Makati City called Techzone. The project houses the licensees and locators of LRWC’s subsidiary, First Cagayan Leisure and Resources Corp.
“We are able to lease out all the available spaces in a very short time so the demand is there. So definitely it sounds like a very good project to do a second one,” said Bantug.
“(Leasable spaces) are still insufficient for their needs. There are a lot of inquiries for additional Techzone,” added Reyes. pna
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