DigiPlus Explores Manila Diamond Hotel Acquisition to Enhance Physical Presence

The online gaming operator DigiPlus Interactive Corp. is currently evaluating a potential move to broaden its physical casino footprint through the acquisition of the Manila Diamond Hotel. This property is currently owned by billionaire Ramon S. Ang. In a recent disclosure to the Philippine Stock Exchange, the company confirmed that it is indeed looking into the purchase of the Roxas Boulevard hotel. The property is located right beside the New Coast Hotel Manila, another integrated resort under the company that is currently in the process of acquisition by DigiPlus.

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DigiPlus said that they are looking into opportunities for expansion in industries that are complementary to their current offerings, since this is part of the plan for them to develop a fully integrated system of gaming and digital entertainment products.

Although the corporation showed their keen interest in the hotel property, they stressed that their expansion strategies were still at the exploratory phase without any concrete decisions made yet. Asked to comment about the sale of the property, the tycoon and head of the CEO of San Miguel Corporation opted not to say anything.

Strategic Vision for an Omni-channel Experience

The move to grow its physical real estate portfolio follows insights shared by DigiPlus President Andy Tsui. Last March, he articulated a vision aimed at shifting the company into an omni-channel powerhouse. By connecting its established digital interface with an onsite physical operations, the company hopes to improve its player retention rates and increase the average amount of money spent by each user. Tsui suggested that offering a unified, one-stop-shop experience for both physical and digital gaming is a model that has demonstrated success in other international markets.

The pace at which these ambitions can be realized depends on the successful completion of the New Coast Hotel transaction. DigiPlus anticipates that it will finalize a ₱6 billion payment for convertible notes to International Entertainment Corp. by the start of June. This comes after the November agreement to purchase ₱12 billion worth of convertible notes, which would see DigiPlus acquire a controlling 54% share in the company owning the hotels that are listed in Hong Kong.

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Regulatory Challenges and Projected Timeline

However, regulatory hurdles seem to be the main obstacle to realizing such ambitions at this time. According to Tsui, any attempt to expand or consolidate through these hotel properties needs to undergo a formal review with the Philippine Competition Commission.

Because the evaluation conducted by the antitrust body typically takes between 6 and 9 months to complete, the company does not anticipate that it will be able to integrate these land-based operations into its business in the near term.

Fortunately for DigiPlus, the firm seems to have overcome one of the major international regulatory hurdles, namely obtaining a whitewash waiver from the Securities and Futures Commission in Hong Kong. Through such regulatory approval, the firm will not be obligated to make a general offer to all minority stockholders in the hotel company.

As the company makes its way through these regulatory waters, it has to keep working towards implementing its strategy of integrating its technological expertise with hotels.

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Source: Manila Bulletin