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PhilWeb inks deal for Internet gaming cafés, lotteries in Laos
BusinessWorld Online Edition: PhilWeb inks deal for Internet gaming cafés, lotteries in Laos
PhilWeb inks deal for Internet gaming cafés, lotteries in Laos
A UNIT of PhilWeb Corp. has signed a deal with the Simuong Group (SMG), an industrial conglomerate based in Vientiane, to jointly develop and operate Internet and mobile games of chance in Laos.
In a statement yesterday, the Roberto V. Ongpin-led PhilWeb said the venture will involve Internet gaming cafés similar to those operated by PhilWeb on behalf of state-owned Philippine Amusement and Gaming Corp. (PAGCOR), lotteries, and others.
“The games will operate under exclusive Lao People’s Democratic Republic (Lao PDR) government franchises, and will create new revenue channels to fund its infrastructure and social development projects,” PhilWeb said.
The memorandum of understanding between PhilWeb Asia-Pacific Corp. and the SMG group concluded a visit of the latter’s executives to Manila. The group was led by Ekaphanh Phapithak, president of SMG and son-in-law of the Lao PDR minister for defense and vice-prime minister.
The SMG group is engaged in infrastructure, development and design, import and export, auto dealership, hydroelectric engineering, mining, wood processing, and finance in Laos. The group was founded in 2000, about the same time as PhilWeb.
PhilWeb said this will be SMG’s first venture into the gaming business.
“Gaming is legal in Laos for foreigners, and is covered by provincial government franchises. Lao ‘border casinos’ today host players from Thailand, Vietnam, China and other countries,” said PhilWeb.
PhilWeb earned P477 million from the January to September period, 28% higher than the P373 million posted in the same period last year.
Revenues totaled P755 million, up by 30% from P580 million in January to September 2009.
The company remitted a total of P921 million to PAGCOR through the third quarter, representing the 60% PAGCOR share of the e-Games Internet Café and Internet Sports Betting Station businesses that PhilWeb has with the government regulator.
PhilWeb expects to remit over P1.3 billion to PAGCOR for 2010.
In August, PhilWeb said it was working on obtaining a gaming license in Cambodia.
PhilWeb inks deal for Internet gaming cafés, lotteries in Laos
A UNIT of PhilWeb Corp. has signed a deal with the Simuong Group (SMG), an industrial conglomerate based in Vientiane, to jointly develop and operate Internet and mobile games of chance in Laos.
In a statement yesterday, the Roberto V. Ongpin-led PhilWeb said the venture will involve Internet gaming cafés similar to those operated by PhilWeb on behalf of state-owned Philippine Amusement and Gaming Corp. (PAGCOR), lotteries, and others.
“The games will operate under exclusive Lao People’s Democratic Republic (Lao PDR) government franchises, and will create new revenue channels to fund its infrastructure and social development projects,” PhilWeb said.
The memorandum of understanding between PhilWeb Asia-Pacific Corp. and the SMG group concluded a visit of the latter’s executives to Manila. The group was led by Ekaphanh Phapithak, president of SMG and son-in-law of the Lao PDR minister for defense and vice-prime minister.
The SMG group is engaged in infrastructure, development and design, import and export, auto dealership, hydroelectric engineering, mining, wood processing, and finance in Laos. The group was founded in 2000, about the same time as PhilWeb.
PhilWeb said this will be SMG’s first venture into the gaming business.
“Gaming is legal in Laos for foreigners, and is covered by provincial government franchises. Lao ‘border casinos’ today host players from Thailand, Vietnam, China and other countries,” said PhilWeb.
PhilWeb earned P477 million from the January to September period, 28% higher than the P373 million posted in the same period last year.
Revenues totaled P755 million, up by 30% from P580 million in January to September 2009.
The company remitted a total of P921 million to PAGCOR through the third quarter, representing the 60% PAGCOR share of the e-Games Internet Café and Internet Sports Betting Station businesses that PhilWeb has with the government regulator.
PhilWeb expects to remit over P1.3 billion to PAGCOR for 2010.
In August, PhilWeb said it was working on obtaining a gaming license in Cambodia.
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