Belle Corp subsidiary wins five-year lease deal with Philippine Charity Sweepstakes Office
The Philippine Charity Sweepstakes Office has named a joint venture comprising Pacific Online Systems Corporation (POSC), Philippine Gaming Management Corporation (PGMC) and International Lottery & Totalizator Systems, Inc (ILTS) as the successful bidder to provide a new PCSO Lottery System for the next five years.
According to details filed with the Philippines Stock Exchange by POSC on Monday, the joint venture will lease its lottery system to the PCSO for a total contract price of Php5.8 billion (US$116 million), with a contract to be signed once the group posts an unspecified performance security.
The joint venture is 50% controlled by POSC, 49% by PGMC and 1% by ILTS.
As stated in its filing, POSC and PGMC are currently equipment lessors to PCSO of the online lottery systems being used for its lotto operations throughout the Philippines. ILTS is the equipment supplier of PGMC.
Pacific Online is 50.1% owned by Premium Leisure Corp (PLC), which is in turn 78.7% owned by Belle Corp – owner of the land upon which City of Dreams Manila is built.