Few outside the gambling industry had probably heard of JKS Tech Solutions Inc. until this week. Now the young Philippine company is valued at over P14 billion, and listed gaming technology provider PhilWeb Corp. is getting a major slice.
Tycoon Lance Gokongwei is taking a major role at PhilWeb Corp., becoming chair months after committing to a roughly P2-billion investment in the technology company that has partnered with some of the biggest casino operators in the Philippines.
Tycoon Kevin Tan-backed Newport World Resorts has tapped PhilWeb Corp. to power its online gambling expansion, giving the listed gaming technology firm its second major integrated resort partner in Metro Manila.
Listed PhilWeb Corp. has landed one of the world’s biggest online casino content providers as it accelerates its transformation to a leading digital gambling technology platform.
The appointment places a gaming law expert at the helm of PhilWeb's governance oversight as the company pursues expansion in regulated online gaming and digital technology services. The move also signals continued emphasis on board independence and regulatory compliance following the firm's change in control earlier this year.
The agreement — Philwebs’s third with a casino-hosting hotel in recent weeks — positions the firm as a technology and services provider for NWPRPlay, the online gaming platform operated under a Philippine Amusement and Gaming Corp.-accredited Gaming System Administrator framework.
PhilWeb Corp. reshuffled its board following a management-led takeover, with four directors stepping down and a new slate of appointees taking their seats.