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Philippines 29 percent rise in income from Internet gambling operations
Internet gambling is proving to be a profitable business activity for the publicly-listed Philippines online gambling operator PhilWeb Corporation, which last week announced consolidated net income up by an impressive 29 percent through 2008.
In a statement to the Philippine Stock Exchange, the firm revealed that its net income for last year was $6.11 million against $4.74 million in 2007, with core earnings up 90 percent to $4.88 million from $2.57 million.
"The key driver of core net income continues to be our Philippine Amusement and Gaming Corporation (PAGCOR) electronic games cafes," Dennis Valdes, President for PhilWeb reported, adding that the company's profits included gains from PhilWeb investments in ISM Communications Corporation, which owns 77.7 percent of Eastern Telecommunications Corportaion.
Valdes revealed that the company had opened 45 new gaming cafes in the Philippines last year, bringing the total to 121, and had aggressively expanded its games portfolio to include Basketball Jackpot, Premyo Sa Resibo and Txtingo Super Singko. This saw the firm’s total revenues increase 71 percent year-on-year to reach a record $9.75 million while it reported a cash balance of over $14.79 million.
"We will use these funds to aggressively invest in new games of chance and other opportunities that come our way in 2009," Valdes told shareholders. "The past year has turned out to be a record year for PhilWeb, wherein we recorded our highest ever levels of revenue and net income, so we are quite optimistic that this trend will accelerate in 2009.”
New Racing UK free-to-watch show -
Wake up to Luck on Sunday – join Nick Luck and guests for new Racing UK free-to-watch show. BHA Chief Executive Nick Rust to appear on first broadcast this Sunday
MLB Odds: Stroman Gets the Nod Against Royals -
The Toronto Blue Jays (70-80, –20.18 betting units) begin their final home stand of the 2017 campaign this Tuesday when they welcome the Kansas City Royals (73-76, +2.56 units) to Rogers Centre. Sportsnet has the coverage at 7:07 p.m. Eastern.
Microgaming QuickFire enters Coloumbia -
Wplay signs for Quickfire; strategic deal sees Quickfire enter Colombian market. Colombian-licensee Wplay has signed a deal for Quickfire, powered by Microgaming.
Partypoker to sponsor WSOPC Uruguay -
Partypoker to sponsor WSOPC Uruguay in December. Qualify exclusively on partypoker for WSOP Uruguay Main Event. December 7th to 17th in beautiful Punta del Este.
MLB Odds: Jays Hope to Spoil Orioles’ Visit -
The 2017 season is just about over for the Toronto Blue Jays (66-77, –21.19 betting units), but they can play spoiler in Tuesday’s game against the visiting Baltimore Orioles, starting at 7:07 PM ET on Sportsnet.
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Money Storm is not your typical online casino. While many focus on the quantity of games they offer their players, this one is more focused on the quality of their games.
Big Online SLot Win on Ultimate 10X Slot -
At 9.20PM on August 28th, Kasey R was enjoying the new Ultimate 10X three-reel slot at Miami Club. The game has a random 'must win' progressive jackpot that is guaranteed to pay by the time it reaches $25,000
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