Premiere Horizon leaves gaming business

MANILA, Philippines - Premiere Horizon Alliance Corp. is embarking into a new business direction in anticipation of the completion of the sale of its gaming assets.

“Premiere Horizon’s new vision is invigorating the countryside,” the listed firm told the local bourse yesterday.

For its new business undertaking, Premiere Horizon said it plans to invest in innovative countryside projects using new technologies focused in the fields of food security, natural resources development, shelter and communities and tourism development.

“Premiere Horizon believes that there are gaps and inefficiencies in the countryside, and where there are gaps, there are opportunities. The company will help address these unfilled requirements through profitable, recurring, replicable, and scalable businesses,” the company said.

The company said it intends to use proceeds from the sale of its gaming assets amounting to P527 million plus a potential fundraising to finance its countryside projects.

“This will facilitate in the development and competitiveness of the nation in preparation for Asean economic community integration by 2015,” it added.

Hotel and recreation firm Leisure & Resorts World Corp. in July this year expanded into the online casino business with its P620-million purchase of Premiere Horizon gaming subsidiary Digiwave Solution Inc.

Premiere Horizon owned 85 percent of Digiwave, the market leader in the operations of Pagcor E-Games stations in Metro Manila and nearby provinces.

Since 2011, Premiere Horizon has been aggressively engaging in business activities related to entertainment, gaming, hotel and leisure.