Leisure & Resorts expands bingo operations

Leisure & Resorts World Corp. (LRWC) is going full blast with the expansion of its bingo operations as it seeks to maintain its dominant foothold in the industry.

The company, through subsidiary AB Leisure Exponent Inc., expects to install a total of 1,500 electronic bingo (EBG) machines by the end of the year from its current 1,338 machines deployed in 36 sites.

LRWC said Gamebuilders, a company associated with London-listed gaming firm PlayTech, and Taiwan-based bingo operator and manufacturer Jumbo Technology, will supply AB Leisure new and better EBG machines.

“We have done the necessary legwork and testing for their machines and are waiting regulatory approval in order to deploy these at our sites. The newer bingo machines shall be linked for progressive jackpots. Besides giving our players a different form of electronic bingo, we have also negotiated better rates on the revenue share in favor of LRWC,” said company president Alfredo Benitez.

In addition, the company plans to install 10 more bingo terminals and at least six bingo boutique outlets this year. 

Benitez said the company will continue to bid for space in new malls and assess existing sites for profitability. Each bingo boutique shall have approximately 30- 32 EBG machines and at least one Rapid Bingo terminal.

From 36 bingo sites in 2007, LRWC expects to increase these by two to three sites depending on the number of malls to be opened this year.

Plans also include the renovation of LRWC’s bingo outlet in Megamall which should begin in February and implemented in phases. Once completed, this outlet shall elevate the experience and feel for such a game as well as for the other forms of bingo that LRWC offers.

As for its 68 percent-owned subsidiary First Cagayan Leisure & Resorts Corp., management has adopted strategies to mitigate the impact of a stronger peso. These include the conversion of current peso borrowings  dollars, going into hedging facilities, negotiations for the payment of certain expenses for dollars.