Two casinos in the Philippines have been bought by World Poker Fund Holdings, an operator of online gaming.
The purchase is from HatchAsia and refers to the Madison Casino in Mandaluyong (pictured) and Penny Lane Casino in Davao. Both are currently run by Filipino licence holder PAGCOR and both are attached to hotels.
The deal is in return for a combination of cash and stock worth US$4m, which is considerably below HatchAsia’s own valuation of $10m, but issues over gaming licences have encouraged the group to liquidate its holding.
Madison Casino has 16 gaming tables and 350 slots and Penny Lane Casino has eight tables and 200 slots. World Poker Fund operates only outside of the US.