Philippine Tycoon Lance Gokongwei Bets On Online Gaming With PhilWeb Deal

Airline-to-property tycoon Lance Gokongwei is investing into on-line gaming operator and infrastructure supplier, PhilWeb, amid a increase in digital betting within the Philippines.

Gokongwei—president and CEO of JG Summit, one of many nation’s greatest conglomerates—purchased 159.5 million widespread shares and 93.8 million most well-liked shares of PhilWeb for two billion pesos ($33 million), the Manila-based firm stated in a inventory alternate disclosure.

The acquisition of the widespread shares offers Gokongwei an preliminary 10% stake that would go as much as 15% if all of the redeemable most well-liked shares are transformed, the corporate stated. That will make Gokongwei the corporate’s second-largest shareholder, subsequent solely to PhilWeb chairman Crisanto Roy Alcid, who led a administration buyout that purchased 57.8% of the corporate final 12 months from property tycoon Gregorio Araneta III, brother-in-law of Philippine President Ferdinand Marcos Jr.

PhilWeb, which has a market cap of 20.8 billion, operates 670 onsite eGames venues throughout the Philippines. It’s additionally a supplier of infrastructure for on-line and offline gaming platforms and a distributor of gaming content material.

Online gaming exploded within the Philippines following the broad adoption of cell Internet playing in the course of the pandemic, turning training and port tycoon Eusebio Tanco’s Manila-based DigiPlus into an internet gaming big.

The Philippines generated 201 billion pesos in on-line gaming revenues final 12 months, 51% of the nation’s complete playing income and 6 occasions greater than the 32.2 billion pesos the phase delivered in 2019 earlier than the pandemic.

PhilWeb earlier this 12 months cast strategic partnerships with brick-and-mortar on line casino operators Okada Manila and Hann Casino Resort to construct and assist handle their on-line gaming platforms. The firm booked 13.9 million pesos in internet revenue within the first quarter on gross sales of 233 million pesos.

While helming his household’s companies, Gokongwei has been actively pursuing different ventures. Prior to his buy of a stake in PhilWeb, Gokongwei has invested in Premiumbikes Corp., which distributes Honda, Yamaha, Suzuki, Kawasaki, TVS, and Kymco bikes throughout its 214 shops nationwide. Gokongwei bought Premiumbike to his household’s Robinsons Retail in July 2025 for 146.4 million pesos.

Gokongwei and his siblings have a mixed internet value of $1.8 billion, in keeping with the listing of the Philippines’ 50 Richest that was printed by Forbes Asia in August final 12 months. JG Summit, which was based by their late father John Gokongwei, has pursuits in airways, banking, meals manufacturing, petrochemicals, energy, actual property and telecommunications.