DigiPlus-backed casino goes to online gaming
MANILA, Philippines – DigiPlus Interactive Corp.‘s newly-acquired casino business is moving into online gaming, marking another step in the listed gaming firm’s effort to build a broader entertainment ecosystem spanning both digital and brick-and-mortar platforms.
Hong Kong-listed International Entertainment Corp. (IEC), which is set to be controlled by DigiPlus once its P12-billion investment is fully converted into shares, said its subsidiary New Coast Leisure Inc. (NCLI) had entered into a cooperation agreement with Total Gamezone Xtreme Inc. (TGXI), a wholly owned DigiPlus unit.
READ: DigiPlus seals P12-B takeover of New Coast Hotel Manila
“NCLI and TGXI agreed to collaborate on a nonexclusive basis in relation to the integration, aggregation, provision, technical support and operation of approved online games and related gaming content through or in connection with the online gaming platform and operations the casino LaVie Resort & Casino Manila,” the disclosure read.
TGXI operates under DigiPlus, whose gaming brands include BingoPlus, ArenaPlus and GameZone.
IEC said the partnership would initially run for two years and could be renewed annually thereafter. Revenue-sharing arrangements will be determined based on the actual contributions of each party.
The move comes just days after DigiPlus completed the final leg of its roughly P12-billion investment in IEC, which owns and operates New Coast Hotel Manila and its integrated casino complex along Roxas Boulevard.
Once the convertible notes are fully converted into shares, DigiPlus will hold a 53.89-percent stake in IEC, making it the controlling shareholder of the Hong Kong-listed company.
IEC said NCLI already holds the necessary Pagcor accreditations and licenses for online gaming, including an Electronic Games Operator license, accreditation as a Gaming System Administrator and accreditation as a Game Content Provider.
The company said legal advisers had confirmed that the planned online gaming operations comply with applicable Philippine regulations. It added that an independent review of the internal control framework found no significant deficiencies, although recommendations were made to further strengthen compliance procedures.
IEC said the partnership would enable it to enter the fast-growing online gaming market without having to build a platform from scratch, allowing the group to capitalize on increasing demand for digital gaming in the Philippines.
The company cited favorable regulatory reforms and growing adoption of online gaming as key drivers of the sector’s expansion. INQ
