AB Leisure Exponent, Inc. (ABLE)

About the Company

Leisure & Resorts World Corporation (LRWC), a listed Company at the Philippine Stock Exchange, was originally incorporated on October 10, 1957 as Atlas Fertilizer Corporation and engaged in fertilizer and industrial chemicals production. As part of the corporate restructuring of the Company in 1996, the Company’s primary purpose was amended in 1999 to engage in realty development focusing on leisure business. When the company acquired AB Leisure Exponent, Inc. (ABLE) as its wholly owned subsidiary in October 1999, LRWC extended its business to professional bingo gaming through Bingo Bonanza Corporation. ABLE’s bingo parlors have become community and entertainment centers, a source of revenue for the government, and a sponsor for fundraising activities relating to social and educational programs.

On September 20, 2005, LRWC acquired First Cagayan Leisure and Resort Corporation (FCLRC), which has an existing license agreement with the Cagayan Economic Zone Authority (CEZA) to develop, operate and conduct internet and gaming enterprises and facilities in the Cagayan Special Economic Zone Freeport. FCLRC receives and processes applications for and issues interactive gaming licenses as well as regulates and monitors all operators of internet gaming in the Cagayan Special Economic Zone Freeport. LRWC also owns 30% of Binondo Leisure Resort, Inc., a company engaged in hotel and recreation business. LRWC is functioning basically as a holding company with minimal operations. The company is still focusing its endeavor in supporting the productivity programs of its wholly owned operating subsidiary, ABLE and its 69.68% owned subsidiary, FCLRC.