Pacific Online allots P160 million for capital spending

MANILA, Philippines – Pacific Online Systems Corp., the exclusive online systems provider of the Philippine Charity Sweepstakes Office (PCSO) in the Visayas-Mindanao region, is allotting P160 million for capital spending to roll out 300 new lottery terminals and 130 new Lucky Circle outlets within the next two years.

At the company’s annual stockholders meeting yesterday, Pacific Online chairman and president Willy N. Ocier said bulk of the capital budget, or P100 million, will be channelled to the installation of 80 Lucky Circle outlets to end this year with a total network of 130. Another 50 Lucky Circle outlets are being planned for construction in 2010 to reach a total branch network of 180.

“It is our goal to open stores in highly urbanized regional centers natiownide. Thus, a massive expansion strategy is slated for 2009 to increase the reach of the gaming public to gain access to PCSO gaming products. The expansion for Lucky Circle is to support our instant Scratch It tickets,” Ocier said.

Lucky Circle sells seven instant scratch games (Mega Money, Fast Cash, Jack En Poy, Gold Rush, Pot of Gold, Red Hot 7’s and Double Dollars) in lotto outlets in SM malls and supermarkets.

Around P40 million will be used to build 200 new lottery terminals in and outside Metro Manila in the second half of the year and another P20 million to be spent for the construction of 100 more Keno online lottery outlets.          

By end-December this year, Pacific Online expects a total of 1,800 terminals from 1,600 as of end-2008.

In the first five months of the year, Pacific Online posted a net income of P108 million, up 52.1 percent from the P71 million reported in the same period a year ago. Revenues likewise grew 27.6 percent to P370 million from P290 million. – Zinnia Dela Peña