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RECORD INCOME FOR PHILIPPINES GAMBLING GROUP

Posted 1/11/11 : Philweb revenues up by 27 percent despite a tough year
 
Despite difficult global economic conditions, 2010 proved to be a good year for the Manila-based land and online gambling group Philweb, with revenues up 27 percent -  a new company record.
 
Unaudited net income for 2010 was a total of P708 million, a record for the company and 28 percent higher than the P551 million achieved for 2009. For the first time ever, revenues were over a billion pesos, totaling P1.04 billion, a 27 percent year-on-year increase.
 
PhilWeb president Dennis Valdes said, "We are particularly pleased with our 2010 financial results, even though we only opened 19 new PEGS cafes all
year.
 
"On the plus side, we have a new contract with PAGCOR that allows us to open a minimum of 100 new PEGS each year. As a result, we expect our PEGS business in 2011 and beyond to grow even more substantially than it has in previous years. Our new contract is valid until July 2016."
 
Valdes also disclosed that the company remitted a total of P1.3 billion to PAGCOR for 2010, representing PAGCOR's share of the PEGS business. He noted that the PAGCOR share for these businesses come with no capital expenditures or operating expenses on PAGCOR's part. Thus the total remittance flows directly to its bottom line.
 
Valdes believes that the prospects for PhilWeb in 2011 are extremely bright, especially on the international front. PhilWeb previously disclosed that it had received a licence from the Cambodia Ministry of Finance to operate a 6/49 lottery in that country. The licence allows PhilWeb to launch both paper-based and mobile-based forms of the lottery.
 
"The Cambodia license will be a game changer for PhilWeb. Our international expansion strategy has begun to take root, and we expect that the other licenses we are working on, in countries such as Laos, Guam, Vietnam, Saipan, Palau, Papua New Guinea,  East Timor, Nepal and others, will soon come to fruition," Valdes said.



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NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

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