LISTED Leisure & Resorts World Corp. (LRWC) expects to gain net revenues of $18.2 million (roughly P860 million) for the first three years of sports-betting operations in partnership with Asian Logic Ltd.

                In an interview, LRWC president Alfredo Abelardo Benitez said as committed by Asian Logic, the first year of operations will deliver $5 million in revenues, then $6 million on the second year and $7.2 million on the third year.

                “This is a way to enter the regional market by having a strategic partner who is a leader in this kind of business,” he said.

                Hopefully, after the legal and financial due diligence are completed, Benitez said the partnsership could begin operations before the end of the year.

                LRWC earlier signed a memorandum of agreement with Asian Logic for the acquisition of a new local company via share swap. Under the deal, LRWC will issue 342.858 million new shares from the unissued portion of its capital stock worth P3.50 each share over six semiannual periods as payment to Asian Logic for the acquisition of the new firm that will engage in land-based sportsbooking operation services.

                LRWC’s partnership with Asian Logic will allow it to penetrate the multibillion-peso gaming industry in Asia Pacific, said Benitez.

                Asian Logic is an active participant in the online and land-based gambling industries, particularly on the Asia-Pacific markets.

                Based on an industry report, the Asia-Pacific region is seen to remain as the region with the highest overall spending on gaming, reaching $18.8 billion in 2011.

                Asian Logic is involved in the development, operation, management and/or marketing of online casinos, online poker, multiplayer P2P and Asian games, online and land-based sports betting, land-based slot machine and server-based gaming, including live videostream casino gaming across the region.

                The company maintains online gambling licences in Alderney in the Channel islands near France, the Philippines (through the Cagayan Export Processing Zone) and Curacao in the Carribean. The group operates land-based sports betting outlets in the Philippines under the MegaSportsWorld brand.

Prior to the deal, LRWC sold 64 million primary and secondary shares to Asian Logic at P3.10 each or for about P198 million.

The shares translate to about 7.9 percent of LRWC’s new outstanding shares.

LRWC is a holding company whose main investment is in gaming.

A SUBSIDIARY of telephone giant Philippine Long Distance Telephone Co. (PLDT) has tapped SES New Skies of Netherlands for its direct-to-home (DTH) satellite television service to be launched in the fourth quarter this year.

SM property unit sees P10-M sales from QC development

THE three-tower residential project of SM Development Corp. (SMDC) in Quezon City is expected to turn in about P10 billion in sales to the Sy-controlled property firm.

Listed gaming firm sees 3-year revenues to reach $18M

LISTED Leisure & Resorts World Corp. (LRWC) expects to gain net revenues of $18.2 million (roughly P860 million) for the first three years of sports-betting operations in partnership with Asian Logic Ltd.

Solar wants sales agent to pay up

SOLAR Team Entertainment Inc. (STEI), a provider of entertainment shows in television and theater, has asked the Supreme Court to require its former marketing agent to remit sales and collections totaling P224.7 million, representing sold advertising slots.

STOCK MARKET OUTLOOK

n  LAST week: Battered by the collapse of Lehman Brothers, one of the world’s largest investment banks, the local equities market fell 6.92 percent week-on-week to 2,462.79.

Aruze granted license for  Manila Bay development

BENT on boosting the country’s bid to become one of the world’s big-time entertainment and gaming hubs, the government has awarded Japan’s Aruze Corp. the license to locate in the Bagong Nayong Pilipino Entertainment City in Manila Bay.

Not Business as Usual: Unscheduled flights

A COUPLE of local bankers recently took unscheduled weekend flights to the US. No, they are not the advance party of President Arroyo. Neither are they alumni of the losing team in yesterday’s first game of the NCAA championship finals between De La Salle University and Ateneo de Manila University.