InterAksyon.com
The online news portal of TV5
MANILA ? IP E-Game Ventures Inc is eyeing new investments in its bid to enter the integrated gaming business.
Jaime Enrique Y. Gonzalez, E-Game president and chief executive officer, said the company plans to close a deal within the year for another gaming-related venture.
?We?re currently in the market and we?re evaluating other investments in this sector,? said Gonzalez.
?The business model today is what they call an integrated complex where you have hotel, gaming proposition, retail, and food and beverage. That?s the kind of business model we?re looking at implementing through acquisitions,? he said.
To bankroll its investments in gaming, Gonzales said E-Game will issue shares to investors out of a planned capital stock hike. In January, shareholders approved the amendment to its Articles of Incorporation, increasing its authorized capital stock from P300 million to P50 billion.
Last year, E-Game announced its foray into the business of food and beverage, entertainment, hotel and leisure, putting the company in a position to take advantage of the influx of gaming tourists in the country with the development of state-run Philippine Amusement and Gaming Corp?s (Pagcor) Entertainment City at the Manila Bay reclamation area.
?The Philippines has been identified as the next growth market in terms of gaming in the region. You have Macau leading the world in terms of turnover followed by Singapore and Las Vegas. The Philippines, as a gaming destination, is the next rising star and we want to participate in that overall growth,? said Gonzalez.
Last year, E-Game purchased a 36,000-square-meter property in the Cagayan Special Economic Zone, home to the largest casino complex in the business park.
It also moved to acquire a 25 percent stake in Cosamera Resorts Corp, a hotel and resort company operating in the Cagayan Ecozone.
E-Game?s diversification into gaming and leisure came after it merged its Philippine online game publishing business with Level Up! Inc to create the largest gaming company in the country with an estimated market share of 70 percent.
Source: http://lowbrowse.org/e-game-eyes-acquisition-for-shift-to-integrated-gaming-business.html
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