Bingo company gains control of Cagayan online gaming firm

Bingo games provider Leisure and Resorts World Corp. on Wednesday said it had acquired 31,250 additional shares in First Cagayan Leisure & Resort Corp. for P25 million, upping its stake in the Cagayan firm to 69.68 percent. The newly-acquired stake represents 25 percent of First Cagayan, an online gaming service provider and the master licensor within the Cagayan Special Economic Zone and Free Port. First Cagayan receives half of the government's 2 percent share in the gaming revenues of the province's special economic zone. In a statement to the Philippine Stock Exchange, Leisure and Resorts said the purchase was made from Joanna Heights Inc. at P800 per share. "With the completion of the acquisition of the shares, LRWC now holds 115,000 shares of First Cagayan, representing 69.68 percent of the issued and outstanding capital stock of the said corporation," the statement said. Leisure and Resorts subsidiary AB Leisure Exponents Inc. operates the Bingo Bonanza gaming chain. - GMANews.TV