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.
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