It has been announced today that HatchAsia Incorporated has sold two casino establishments in the Philippines to World Poker Fund Holdings Incorporated.
HatchAsia Incorporated, established in 2000, is a business management outsourcing company with gaming outlet operations, has signed a ‘definitive agreement’ to sell Madison Casino and Penny Lane Casino to the gaming developer and operator WPFH.
Both casino establishments are being operated by Philippines Gaming Commission and offer a wide array of casino table games and slot machines, along with a hotel.
The deal comes after it was reported that HatchAsia was looking to liquidate a number of its ventures in the industry.
It is reported that the agreement is worth an estimated four million dollars as the deal includes a combined offer of stock and cash.
Both venues have more than one thousand square metre of gaming floor space with multiple table games for blackjack, poker and roulette.
Each casino organisation also has over two-hundred slot machines and gaming machines for video poker and is predicted to generate an estimated $300k to $400k in net gaming revenue.
According to a recent update from World Poker Fund Holdings Incorporated, the company has been looking to expand both its real money gaming offerings and expansion in to overseas territory.
Current CEO Travis Kasper says:
“I am excited about our future. It is my plan to continue to seek out these exciting opportunities which will increase our assets, revenues and market share; along with the value of our company and its value to our shareholders.”