Warning: Undefined array key "post_type_share_twitter_account" in /var/www/vhosts/casinonewsblogger.com/public_html/wp-content/themes/cryptocurrency/vslmd/share/share.php on line 24
DigiPlus Interactive Corp. is studying a plan to combine two adjoining Manila hotel properties into a larger casino and entertainment complex through the potential acquisition of the Manila Diamond Hotel.
The company confirmed in a disclosure to the Philippine Stock Exchange that it is evaluating the purchase of the Roxas Boulevard property, which sits beside New Coast Hotel Manila, also known as LaVie Resort & Casino.
DigiPlus has been in talks with billionaire Ramon S. Ang, chairman and chief executive of San Miguel Corp., regarding the acquisition of the 480-room hotel overlooking Manila Bay. DigiPlus had submitted multiple offers for the property, although those offers were reportedly rejected.
Should the transaction proceed, DigiPlus could invest up to US$1 billion to integrate the two adjoining hotel properties into a larger entertainment and casino development. The two properties are currently connected through a roof bridge.
DigiPlus said it is “exploring opportunities to expand into adjacent and complementary segments, aligned with its long-term strategy to develop a robust gaming and digital entertainment ecosystem.”
The company added that “these plans remain under evaluation and no definitive transactions have been made.”
The proposed Diamond Hotel acquisition follows DigiPlus’ agreement to acquire a controlling interest in LaVie Resort & Casino through a ₱12 billion (US$204 million) convertible notes subscription with Hong Kong-listed International Entertainment Corp.
The agreement, signed in November, will eventually give DigiPlus a controlling 54% stake in the hotel owner. The company expects to complete a ₱6 billion (US$102 million) payment for the convertible notes by early June.
DigiPlus, operator of BingoPlus and sports betting platform ArenaPlus, has been pursuing entry into the land-based gaming sector through the LaVie transaction.
In March, DigiPlus President Andy Tsui discussed the company’s plans to become an “omni-channel” gaming operator through the integration of digital platforms with onsite gaming operations.
Tsui said providing a “one-stop-shop” for digital and physical gaming had proven successful in other international jurisdictions. He also said the integration of onsite and online operations could improve user retention and increase average player spending.
Any consolidation involving the hotel assets remains subject to review by the Philippine Competition Commission.
Tsui said the commission’s review process typically takes six to nine months, meaning DigiPlus does not expect immediate consolidation of the land-based assets.
The company has already secured a whitewash waiver from the Hong Kong Securities and Futures Commission, allowing DigiPlus to take control of IEC without triggering a mandatory general offer to minority shareholders.