Philweb Corp., which operates its own gambling assets, on Tuesday said it acquired 16 electronic bingo outlets and 2 e-bingo machine suppliers from the Palmary Group.
The company said it executed on March 8 deeds of sale for the acquisition of the entire total issued capital stocks of 16 eBingo companies for P450 million and two accredited e-bingo machine supplier companies for P280 million.
“With Philweb’s growing electronic games business, it now has an expanding, two-fold footprint in the whole electronic gaming sector,” the company said in its disclosure.
The company is an accredited gambling service provider with the Philippine Amusement and Gaming Corp. with a network of 85 electronic game outlets.
The acquisition of the 2 accredited eBingo machine supplier companies allows Philweb to expand its portfolio of gaming services into eBingo outlets, it said.
At present, the 2 companies are accredited suppliers to 64 eBingo outlets across the country. Philweb’s unit, Big Game Inc., directly operates 31 Pagcor-licensed eGames outlets.
It has another wholly owned subsidiary, Easy eBingo Inc., which has gaming licenses for eBingo outlets.
Following this acquisition, Philweb now operates 22 eBingo outlets.
The 16 eBingo outlets acquired by Philweb generated a combined approximate gross gaming revenue of P1.19 billion in 2019 while the two accredited eBingo machine supplier companies generated a combined estimated gross gaming revenue of P364.9 million in 2019.
The acquired e-bingo centers were NDM Bingo Center AGP Inc., NDM Bingo Center Antipolo Inc., NDM Bingo Center Anonas Inc., NDM Bingo Center Bagbag Inc., NDM Bingo Center Blumentritt Inc., NDM Bingo Center LGP Inc., NDM Bingo Center Miramar Inc., NDM Bingo Center North Edsa Inc., NDM Bingo Center Tomas Morato Inc., NDM Bingo Center Visayas Inc., NDM Bingo Center 1 Inc., NDM Bingo Center 2 Inc., NDM Bingo Center 3 Inc., NDM Bingo Center 5 Inc., NDM Bingo Center 7 Inc., NDM Bingo Center 8 Inc., XO Corp. and UMIAC Inc.