Leisure & Resorts World Corp. (LRWC) said it plans to raise up to PHP1.85 billion ($33.2 million) through a share issue to finance further expansion. 

The Philippines gaming operator it has permission from shareholders to issue up to 691.2 million common shares. The approved subscription amount is a 5 percent premium to the 30 trading day volume weighted average price, which LRWC says would be PHP2.68. 

The company said it has seen strong growth since the launch of its BingoPlus product, which has helped push up its share price.

Funds raised in the share issue will be used to further strengthen its technological platforms and to support general expansion. 

“We will continue to strive for improvement and maximize returns for our stakeholders.” said LRWC President, Andy Tsui.

LRWC was given the Philippines’ first license to offer online bingo earlier this year as the country expands its domestic iGaming market. Bingo is one of the most popular verticals in the country. 

BingoPlus booms

The company revamped the brand in late April to appeal to a more mobile savvy customer. At the time, it said it expected BingoPlus to be one of the company’s main revenue streams. 

In 3Q22, LRWC posted revenues of PHP2.9 billion, an increase of 491 percent year-on-year. The gains were driven by bingo, other electronic games and its casino businesses.

EBITDA in the quarter swung back into the black to PHP560 million from a loss on that basis of PHP111 million the year earlier.

The Philippines became the first country in Asia to legalise iGaming for the domestic market, with the first licenses issued in late 2020.

The Philippines Amusement and Gaming Corp. was seeking to boost revenue after Covid severely cut into revenue from the country’s land-based operations. Initially, the licenses were just for casino operators to be able to offer online bets to VIP customers. This has since been expanded, with the country’s e-cafe operators also allowed to offer bets online. It is also no longer restricted to VIPs.