The majority owner of Manila-based gaming firm Leisure & Resorts World Corp, Alfredo Abelardo B. Benitez, has stepped down from the company’s Board of Directors in order to run for mayor of Bacolod – a city located on the Philippines island of Negros.
According to a company filing, Benitez tendered his resignation on Monday in order to “run for a public position”. It was later revealed via local media reports that the position in question was mayor of Bacolod, with Benitez having last week won court approval to transfer his residency from nearby Victorias City.
He filed his certificate of candidacy on Tuesday, at which time LRWC announced his departure from the Board.
Benitez is no stranger to Philippine politics, having previously served multiple terms as a congressman representing the 3rd district of Negros Occidental province.
However, he made his fortune in gaming, having founded Bingo Bonanza Corporation which he later listed as LRWC – a diversified gaming company whose interests include bingo, leasing slot machines and the operation of slot arcades on behalf of PAGCOR.
The company has also pledged to resume development of a US$500 million integrated resort on Boracay, possibly in partnership with Macau gaming giant Galaxy Entertainment Group, after President Rodrigo Duterte recently lifted a moratorium on new casino developments.