Thursday May 22,2014 : PHILIPPINES ONLINE GAMBLING OPERATOR SOLD
Entertainment and accommodation group acquires Digiwave Solutions.
The e-gaming industry in the Philippines saw a shake-up of the market this week with the announcement by Leisure and Resorts World Corporation that it has successfully negotiated the acquisition of Digiwave Solutions, a major online operator for PAGCOR.
Digiwave owners Premiere Horizon Alliance accepted LRWC's offer of around $14 million, and subject to shareholder approval the deal should be finalised by mid-year.
A spokesman for LWRC said that the Digiwave stable includes 45 e-gaming venues in Manila and other regions of the Philippines, making it an ideal companion for LWRC's 75 Bingo Bonanza parlours.
He revealed that LWRC has expansion plans that could see the number of bingo venues being increased by up to 50 percent, and Digiwave was an important element in this strategy.
Leisure and Resorts World Corporation also has online gambling interests licensed in the Cagayan Freeport.