Leisure & Resorts World Corp. (LRWC) said it plans to raise up to 1.85 billion Philippine pesos ($33.2 million) through a stock offering to fund further expansion.
The Philippine gaming operator said it now has shareholder approval to issue up to 690 million common shares. According to LRWC, the approved subscription amount represents a 5% premium to the 30-trading day volume-weighted average price, which is Php2.68 million more.
The company said it has seen strong revenue growth since launching its BingoPlus product, which has helped push its shares higher.
Funds raised from the share offering will be used to further strengthen its technology platform and support overall expansion.
LRWC Chairman Andy Tsui said: "We will continue to work hard to improve and maximize returns for our stakeholders."
Earlier this year, LRWC secured the Philippines’ first license to offer online bingo as the country expands its domestic iGaming market. Bingo is one of the most popular verticals in the country.
BingoPlus is booming
The company revamped its brand to appeal to more mobile-savvy customers. At the time, the company said BingoPlus was expected to become one of its main revenue streams.
The Philippines issued its first batch of licenses at the end of 2020, becoming the first country in Asia to legalize online gambling in its domestic market.
Philippine entertainment and gaming companies are looking for other ways to boost revenue after the coronavirus severely slashed revenue from the country’s brick-and-mortar operations. Initially, these licenses were only intended to allow casino operators to offer online betting to VIP customers. And now it is no longer limited to VIPs, but has expanded to the country’s Internet cafe operators who are also allowed to offer online betting.
