PhilWeb buys 3 gaming sites
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PhilWeb buys 3 gaming sites

Source: Arra B. Francia

PHILWEB Corp. has acquired three gaming sites in exchange for shares in the company and a total of P18 million in cash.

In a disclosure to the stock exchange on Tuesday, the listed gaming firm said its subsidiary purchased a Philippine Amusement and Gaming Corp. (PAGCOR) Bingo Games site in Caloocan. The site was bought for P13 million, in addition to P10.74 million worth of PhilWeb shares consisting of 3.68 million priced at P2.92 each,

Another PhilWeb subsidiary, BigGame, Inc., also acquired a PAGCOR e-games site in Taytay, Rizal and another in Rodriguez, Rizal. The two sites were purchased for P5 million plus 735,294 PhilWeb shares worth a total of P2.15 million.

The three gaming sites were previously owned by Triple 8 Amusement and Development Corp.

This will be added to the 63 gaming locations that PhilWeb had by the end of 2018.

Philweb booked a net loss attributable to the parent of P77.58 million in 2018, lower than its attributable loss of P293.27 million in the year before. This came on the back of P366.36 million worth of revenues, more than double what it generated in 2017.

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