The gaming technology firm’s market capitalization reached nearly P20.8 billion on Wednesday, edging past the P20.6 billion valuation of Bloomberry, the country’s largest casino operator and owner of the Solaire resorts in Parañaque and Quezon City.
The two companies are not direct competitors but both operate in the fast-growing online gambling sector, which also includes top firms such as DigiPlus Interactive.
The crossover came after Gokongwei agreed to invest about P2 billion in PhilWeb through a share subscription that could give him up to a 15 percent stake in the company.
The deal helped fuel a more than 8 percent surge in PhilWeb’s shares, extending a rally of more than 500 percent over the past 12 months.
At P14.50 per share, PhilWeb has added nearly P18 billion in market value from its 52-week low of P2.12.
PhilWeb, a pioneer in Philippine online gaming, had struggled with losses before a new management team repositioned the company around working with existing operators.
It has since returned to profitability and expanded its footprint through partnerships with gaming firms such as Hann, Okada and NUSTAR. It signaled its willingness to work with other groups as it scales alliances in the regulated gambling space.
Bloomberry, meanwhile, posted weaker first-quarter results, prompting management to intensify cost-cutting efforts and reboot its online gambling strategy.
—Edited by Miguel R. Camus
