LRWC buys stake in Pampanga slot arcade operator
MANILA, Philippines—Gaming firm Leisure & Resorts World Corp. is expanding its Luzon operations with the acquisition of a slot arcade at King’s Royale Hotel and Leisure Park in Pampanga.
In a disclosure to the Philippine Stock Exchange, LRWC said its board had approved the purchase of a 70-percent stake in Blue Chip Gaming and Leisure Corp.
Blue Chip Gaming operates a slot arcade at the King’s Royale along Olongapo-Gapan Road in Macabacle, Bacolor, Pampanga, under a license issued by the Philippine Amusement and Gaming Corp.
The LRWC board also approved a resolution authorizing an increase in the capital of wholly owned subsidiary AB Leisure Global Inc. to P400 million divided into four million shares. LWRC will subscribe to an additional 987,500 shares of AB Leisure worth P98.75 million.
AB Leisure Global is Belle Corp.’s partner in the operation and management of a $750-million casino complex that will be put up at the Manila Bay reclamation area by next year.
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