$WPFH Acquires Two Philippine Casinos from HatchAsia
Press Release | 01/30/2020
LOS ANGELES, CA, Jan. 30, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- World Poker Fund Holdings, Inc. (OTC PINK: WPFH), a leading developer and operator of on-line technology, gaming platforms and brands, announces today that it has signed a definitive agreement to acquire two casinos in the Philippines.
WPFH has secured (Winter, 2019) from HatchAsia, two casinos, located in the Philippines 1) Madison Casino in Mandaluyong and 2) Penny Lane Casino in Davao. The casinos are presently being run by PAGCOR (Phillipino Gaming Commission) and both casinos are attached to hotels. They were acquired for a combination of cash and stock for the agreed upon price of $4,000,000 US Dollars. They are presently valued by HatchAsia around $10,000,000 US Dollars. Due to conflict with other gaming licenses, HatchAsia was looking to liquidate these holdings.
The Madison Casino has 2500 square meters of gaming space with 16 gaming tables, 350 gaming machines, and private gaming space, which we anticipate under our ownership will generate Net revenue of approximately $400,000.00 US Dollars a month or $4,800,000.00 US Dollars a year, commencing in Fiscal 2020.
Penny Lane Casino
The Penny Lane Casino has 1100 square meters of gaming space with 8 gaming tables and 200 gaming machines which we anticipate under our ownership will generate Net revenue of approximately $300,000.00 US Dollars a month or $3,600,000.00 US Dollars a year, commencing in fiscal 2020.
We intend to continue operations while we explore other partnerships within the Philippines and utilize these casinos to push further into the Asian gaming world.
About World Poker Fund Holdings, Inc.
World Poker Fund Holdings, Inc. is a leading developer and operator of on-line technology, gaming platforms and brands. The company does not offer any games or gaming opportunities for cash in the United States and is not licensed as a gaming operator in the United States or any other jurisdiction.
To learn more about World Poker Fund Holdings (WPFH) and its upcoming events, please visit www.worldpokerfund.com.