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Offline Casino Complex to be Launched by Philweb

Online casino gambling website Philweb, has recently begun serious talks with a range of foreign companies over the development of its six hectare estate into a hotel and casino complex. According to Philweb’s President, Eric Recto, in an interview with Standard Today, the company’s property along Roxas Boulevard is located directly opposite to the Pagcor casino complex, belonging to the Philippine Amusement and Gaming Corporation Pagcor, which stretches 35 hectares long.

Unrevealed sources have added that one of the foreign companies to have been approached by Philweb was the Australian Bloomburry Investment Ltd, who as is understood, is currently nominated for being a possible future partner with Philweb in their casino venture. Bloomburry Investment Ltd was also one of the foreign companies that was approached by Pagcor to invest in the Bagong Nayong Pilipino – Manila Bay Integrated Tourism City, intended to be a continental version of the Las Vegas Region. The other foreign companies still negotiating with Philweb have not yet been disclosed.

Although Philweb is mostly engaged in internet based casino gambling via its Pagcor service provider, for which they share a marketing consultancy agreement for online sports betting and casino gambling, Philweb has also ventured into the Leisure and Tourism industry. Only last year it managed to incorporate a P1 billion company called Philweb Leisure and Tourism Corporation. Similarly, its revenues that year doubled from P132.9 to P266.9, which the company accredited to its expansion and cooperation with Pagcor. In addition, the company’s operating income rose five times to P121.2 million, compared to a mere P23.1 million two years ago.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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