RP gaming firms seek expansion of outlets nationwide

MANILA, Philippines - The Country's largest bingo operator wants to open more gambling parlors in malls nationwide as it capitalizes on Filipinos’ gambling culture. A sister company that has an exclusive interactive gaming license at Cagayan Special Economic Zone and Free Port seeks to increase licensed locators to 50 by yearend, from which it expects to generate more than P400,000 in revenues and a net income of P105 million. Increased bingo activity among Filipinos boosted the consolidated net income of publicly listed Leisure & Resorts World Corp. (LRWC) to P167.9 million last year. LRWC serves as a holding company for its gaming companies — bingo operator AB Leisure Exponent, Inc. (ABLE) and First Cagayan Leisure and Resort Corp. (FCLRC). In a financial report, LRWC said ABLE posted a net income of P120.3 million compared with only P70.4 million in 2006. ABLE plans to expand by applying for permits to open new bingo parlors in high-traffic areas, specifically in new SM and Robinsons malls and several bingo outlets in Metro Manila, LRWC said. The unit’s total sales reached P3.29 billion last year, a 6.6% growth from P3.09 billion a year ago. Meanwhile, FCLRC, the exclusive gaming licensee at the Cagayan economic zone, earned P80.4 million last year, lower than a year earlier as a result of the peso’s appreciation against the dollar. As of end-December, LRWC’s total assets and its subsidiaries went up to P1.77 billion from P1.46 billion, while its cash position rose to P114.7 million from P76.1 million. ABLE and its affiliates operate 36 bingo parlors mostly located in major shopping malls in Metro Manila and in key provincial cities. Meanwhile, FCLRC manages 42 licensed locators within the Cagayan Special Economic Zone. - Lovely Nica P. Lee, BusinessWorld