Based on the report of Business Week, AsianLogic, an online gambling operator P115-million investment in Philippines listed Leisure & Resorts World Corp. (LRWC) due to weak market conditions. With this suspension, there has been a recall of LRWC resolution requiring the issuance of 37 million shares priced at P3.10 per share from the unissued portion of its authorized capital stock to AsianLogic.
According to the LRWC spokesman, the recall of the resolution is to accommodate the AsianLogic’s preference to defer indefinitely the subscription to said shares in view of the worldwide adverse market conditions. It is also said that both the corporation and AsianLogic agreed to revisit this planned subscription until such time that market conditions are more stable.
President of LRWC Alfredo Abelardo Benitez stated that the company had earlier projected to gain net revenues of $18.3 million for the first three years of sports betting operations with Asian Logic. Asian Logic suggests suggested that the first year of operations would deliver $5 million, to be followed by $6 million on the second year and $7.2 million on the third year.
Benitez during his interview said, ““This is a good start to enter the regional market by having a strategic partner who is a leader in this kind of business”. This partnership will penetrate the multibillion-peso gaming industry in the Asia-Pacific region. And this is seen to have the highest overall projection spending on gaming with notionally reaching $18.8 billion in 2011.
Core management and advisory team of AsianLOgic is based in Hongkong, while the interactive gambling operations are located in the Philippines.
ASIANLOGIC PUTS A HOLD ON P115 MILLION INVESTMENT
Citadel Provides Instant Banking to Party Gaming
Citadel Commerce - a longtime provider of eWallet payment solutions to online gamblers and internet casinos, has announced they will be integrating newly developed instant internet banking solutions for online gambling mogul, Party Gaming. A subsidiary of the Canada-based ESI Entertainment Systems Inc., Citadel Commerce is no doubt very excited to have secured the high-profile contract.
The same could also be said for Party Gaming, who since dropping out of the U.S. market, has been hit with a major drop in business. On a larger scale, the deal represents a milestone for online gambling payment solutions. More than just an eWallet, Citadel’s new internet banking solution allows online gamblers to make deposits directly from their personal bank account.
Cited as a low-cost, alternative payment solution supporting an international base of banks without relying on traditional banking structures, Citadel’s internet banking solution has the potential of becoming a new standard for online casinos seeking to give their players more convenient banking options.
Party Gaming, who has been a longtime client of Citadel, definitely makes for an excellent platform to launch the new system. According to Party Gaming’s CEO, Gigi Levy, the system has already been tested with select VIP customers who have found the system quite user-friendly and effective. Efforts are currently underway to integrate the system into their main cashier platform for all account holders to use.
The way it works is that user’s log into their own internet banking account to issue direct payments to a Citadel-owned account that is tied directly to the casino cashier via Citadel’s Payment Assistant. Once it’s set up, it only takes a few mouse clicks to get a deposit made into one’s online gambling account for placing real money wagers.
An excellent alternative to using credit and debit cards, Citadel’s instant internet banking solution is yet another testament to how safety and security can be ensured during online gambling activities.
