Midas Hotel to hold junket gaming under agreement with PAGCOR

Midas Hotel and Casino along Roxas Boulevald by the Manila Bay is staging junket gaming operations  under an agreement with regulator Philippine Amusement and Gaming Corp.

 

Prime Investment Korea Inc., operator of Midas and a subsidiary of Leisure & Resorts World Corp., signed the deal with PAGCOR, parent Leisure & Resorts World noted in a disclosure to the Philippine Stock Exchange released Monday.

 

The agreement is in place for three years with an option to renew the deal at the end of the term.

 

In conjunction with the PAGCOR deal, Prime Investment executed a sub-agency junket agreement with Gurutech Asia Inc. to conduct junket gaming operations under the terms and conditions pf the agreement with the gaming regulator.

 

Meanwhile, Leisure & Resorts World said its board approved the offering of P250 million worth of preferred shares with a par value of P1 per share. 

 

The preferred shares will carry a dividend yield of 8.5 percent a year.

 

Proceeds from the offering will be used to expand the company's gaming facilities in the country.

 

The board also approved a P0.04 cash dividend per shares to shareholders on record as of September 28, payable on October 23 and a separate P0.04 cash dividend to shareholders of record as of February 28, payable on March 26. — VS, GMA News