World Poker Fund Holdings, a leading developer and operator of on-line technology, gaming platforms and brands, has signed a definitive agreement to buy two casinos in the Philippines.
WPFH has bought from two casinos from HatchAsia, the Madison Casino in Mandaluyong and Penny Lane Casino in Davao. The casinos are presently being run by PAGCOR(Phillipino Gaming Commission) and both casinos are attached to hotels. They were acquired for a combination of cash and stock for the agreed upon price of US$4m. They are presently valued by HatchAsia around $10m. Due to conflict with other gaming licenses, HatchAsia was looking to liquidate these holdings.
A spokesperson for World Poker Fund said: “The Madison Casino has 2,500 square meters of gaming space with 16 gaming tables, 350 gaming machines, and private gaming space, which we anticipate under our ownership will generate Net revenue of approximately $400,000 a month or $4.8m a year, commencing in Fiscal 2020. The Penny Lane Casino has 1,100 square meters of gaming space with eight gaming tables and 200 gaming machines which we anticipate under our ownership will generate Net revenue of approximately $300,000 a month or $3.6m a year, commencing in fiscal 2020. We intend to continue operations while we explore other partnerships within the Philippines and utilise these casinos to push further into the Asian gaming world.”