Scientific Game

PhilWeb sees 1Q18 revenue surge 236%

Monday, 23 April 2018 07:09
Share
Visit us

Philippines gaming services provider PhilWeb Corporation has announced a 236.7% surge in revenue to Php87.8 million for the three months to 31 March 2018.

The year-on-year boost follows the renewal of its license by PAGCOR last August after Gregorio Araneta III purchased a 53.75% stake in the company from former owner Roberto Ongpin, who was famously described as an “oligarch” by Philippines President Rodrigo Duterte and had his company’s gaming license revoked in 2016.

In its 1Q18 results announcement, filed with the Philippines Stock Exchange, PhilWeb also announced a 91.1% reduction in cash losses from Php45.4 million to Php4.4 million.

“These positive results were brought about by the approval by PAGCOR for PhilWeb to offer its Electronic Gaming System (EGS) to operators, thereby allowing the company to fully resume its operations,” the company said.

“As of March 31, 2018, there are 38 locations operating under the PhilWeb EGS. There are also 10 locations that have been approved to use the PhilWeb EGS but are just waiting for their actual conversion.”

PhilWeb added that it was looking to expand its operations with the acquisition of two eBingo sites.

What's new

Agenda set for 6th Annual BiG Africa Supershow

Agenda set for 6th Annual BiG Africa Supershow Eventus International has announced its agenda format and prospective speakers for the upcoming 6th Annual BiG Africa Supershow, to be held at Emperors Palace from 5 to 6 November 2018 in Johannesburg, South Africa. The BiG Africa Supershow will include the 6th installment of the Betting & iGam... Friday, 17 August 2018 06:58

VIDEO: Week in Review

VIDEO: Week in Review Inside Asian Gaming takes a look back at the biggest stories of the past week. Friday, 17 August 2018 06:52

THE 13 on track for August launch after MGTO grants remaining licenses

THE 13 on track for August launch after MGTO grants remaining licenses Luxury Macau hotel THE 13 looks set to open before the end of the month after being granted all required licenses by the Macao Government Tourism Office (MGTO). Macau News Agency is reporting that the MGTO has now issued THE 13 Hotel with a number of necessary licenses following its second round of... Friday, 17 August 2018 06:51

Australian Senate inquiry into gambling links from video game “loot  boxes” begins today

Australian Senate inquiry into gambling links from video game “loot  boxes” begins today An Australian Senate inquiry will begin in Melbourne today into the potential harm caused by video gaming “loot boxes” – chance-based items that can be purchased by players in-game. At the heart of the inquiry, titled “Gaming micro-transactions for chance-based items”, is whether the purc... Friday, 17 August 2018 06:50

Current Issue

OZ VIP: A new dawn

OZ VIP: A new dawn It has taken just 12 months for Australia’s VIP turnover to rebound following the arrests of 19 Crown Resorts employees in China in October 2016, but the balance of power between Australian operators has shifted dramatically in the process. By Ben Blaschke   Just 12 months after the release of... Sunday, 29 July 2018 22:32

Waiting for Garapan

Waiting for Garapan Imperial Pacific says it will miss another deadline for completing its Saipan casino hotel, and there’s no consensus on a completion date. Meanwhile, VIP roll and trade receivable numbers soar. By Muhammad Cohen   Imperial Pacific International continues to excel at manythings. Its monopoly ca... Sunday, 29 July 2018 22:27

License to thrill: How casino re-tendering will shape Macau’s future

License to thrill: How casino re-tendering will shape Macau’s future Professor Glenn McCartney takes a look at the impending Macau casino re-tendering process and why the government’s criteria for issuing licenses will shape the city’s tourism future. By Professor Glenn McCartney   Macau’s casino concession and sub-concession contracts will all end in a few... Sunday, 29 July 2018 22:21

Making live online gaming a reality

Making live online gaming a reality Latency has long been the ultimate challenge for online gaming operators in their quest to provide a quality product, but a new open framework technology could prove to be a game-changer. By Jaheer Abbas | Senior Director, SEA & India at Limelight Networks   It’s hard to imagine that onlin... Sunday, 29 July 2018 22:09