DigiPlus Secures US$53 Million Loan to Expand BingoPlus and e-Games Across Philippines
Philippines retail gaming provider DigiPlus Interactive Corporation, which was previously known as Leisure & Resorts World Corp, has signed a Php3 billion (US$53.3 million) loan agreement with Asia United Bank Corporation which it says will primarily be used to fund the expansion of BingoPlus and onsite electronic gaming operations.
BingoPlus is described as the “first and only” PAGCOR-licensed remote gaming platform in the country, with DigiPlus looking to ramp up its presence in the retail gaming segment to capture strong momentum around digital interactive entertainment products.
The BingoPlus brand was launched in January 2022 in response to the impact of the COVID-19 pandemic and general move towards digital solutions.
“The success of BingoPlus has paved the way for exciting opportunities in the country’s casual gaming and entertainment space,” said DigiPlus President, Andy Tsui.
“We aim to capitalize on this positive momentum by revolutionizing our users’ experience by investing in new technologies, introducing new and innovative products, and enhancing our quality of service. This loan financing is a significant milestone as we look to ground our leading position in the retail gaming industry of the country.”
The loan agreement was announced on the same day DigiPlus released its 2022 annual financial statement, with revenues just about tripling year-on-year to Php8.91 billion (US$158 million), up from Php2.81 billion (US$50 million).
The company said its biggest revenue contributor was its Retail Games business, which amounted to 91.7% or Php8.16 billion (US$145 million) of total revenue. The segment includes BingoPlus as well as its traditional on-site bingo operation and e-game services.
Net income for 2022 was Php686.8 million (US$12.2 million), compared with an operating loss of Php894.6 million (US$15.9 million) in 2021. EBITDA also returned to positive territory at Php1.01 billion (US$17.9 million) compared with an EBITDA loss of Php80 million (US$1.4 million) in the prior year.
“What we accomplished in 2022 is remarkable,” said Tsui. “The Company re-aligned its new business strategy and returned to profitable operations. We believe that there is strong momentum in our future business growth and the outlook is positive.”
Other Interesting ArticlesNewport World Resorts Sees 90 Percent Rise in GGR in 2022
Apr 19, 2023