Lance Gokongwei joined the board of PhilWeb Corporation effective July 9 after investing more than P2 billion in the gaming technology provider, the company announced on Friday, July 10. Gokongwei agreed to invest P2.03 billion in his personal capacity to acquire 159.53 million common shares and 93.84 million redeemable preferred shares at P8 each, giving him an initial 10% stake that could rise to around 15% upon conversion. PhilWeb said the proceeds would strengthen its balance sheet and develop artificial intelligence-enabled systems for transaction monitoring, risk scoring, regulatory compliance, data analytics and operational automation. The investment expands the Gokongwei family's gaming interests beyond its P30-billion NUSTAR integrated resort in Cebu into the technology infrastructure supporting several licensed online operators.
Gokongwei Invests P2.03 Billion in PhilWeb for 10-15% Stake
PhilWeb elected Gokongwei as a director effective July 9, replacing former vice chairperson Susana Fong, who resigned from the board. His appointment comes weeks after he agreed to the P2.03 billion investment in the company in his personal capacity, rather than through the family's JG Summit Holdings or any of its subsidiaries.
The 159.53 million common shares would initially give Gokongwei about 10% of PhilWeb, with his stake potentially rising to around 15% if all 93.84 million preferred shares are converted into common stock. The shares are priced at P8 each.
"I am pleased to join PhilWeb as a board director at an important stage in the company's development. Technology infrastructure, operational intelligence, compliance systems, and scalable digital platforms are becoming increasingly important across regulated digital ecosystems," Gokongwei said in a press release on Friday, July 10.
PhilWeb Supplies Gaming Technology to Licensed Operators
PhilWeb earns revenue by providing gaming platforms, content, systems integration, technical support and other services to licensed operators. The company does not operate conventional casinos, although its subsidiaries run some electronic gaming and bingo outlets.
Based on its Q1 2026 quarterly report, 126 gaming locations were operating under PhilWeb, while its network carried at least 1,600 Pagcor-approved games from four content providers. Its group also owned 18 electronic bingo locations and supplied 790 XO electric bingo machines across 47 e-bingo sites.
PhilWeb secured accreditation from the Philippine Amusement and Gaming Corporation (Pagcor) in March to provide technology and operational services to licensed operators, including platform integration and regulatory compliance support.
The company already supports the Gokongwei family-backed NUSTAR's online gaming operations. Its other partners include the online operations of Hann Casino, Okada Manila, and Newport World Resorts. PhilWeb has also entered agreements with gaming content and equipment providers such as FBM Philippines, PT Gaming and Pragmatic Play.
PhilWeb returned to profitability only in the first quarter of 2026, after recording a P211.2-million net loss in 2025. Its full-year revenue also fell to P659.4 million from P774.6 million in 2024.
The company began as a mining and exploration firm in 1969. In 2000, it changed its name to PhilWeb.Com Inc. and formally changed its primary purpose to that of an internet company. It obtained Pagcor authorization for e-Games Stations in 2003.
In October 2025, President Ferdinand Marcos Jr.'s brother-in-law Gregorio Araneta III sold his stake in PhilWeb for P1.8 billion. Araneta had bought 53% of the stake of the late tycoon Roberto Ongpin in PhilWeb for P2 billion in October 2016 after then-president Rodrigo Duterte identified Ongpin as one of the "oligarchs" he wanted to take down.
Gokongwei Family Operates NUSTAR Integrated Resort in Cebu
The PhilWeb investment is not the first venture of the wider Gokongwei family into gaming. The family entered the sector through the P30-billion NUSTAR integrated resort in Cebu. The development is the flagship project of Universal Hotels and Resorts Incorporated, a privately held Gokongwei company focused on gaming and integrated resorts.
NUSTAR has since launched NUSTAR Online as the digital extension of its physical casino.
Gokongwei had already acknowledged in 2025 that revenue growth in physical casinos was beginning to flatten as more operators entered the market, while a larger share of gaming activity was shifting online. He said the group had launched NUSTAR Online partly in response to that changing market.
"What I see is that the total revenue pull of offline or physical casinos is already flattening out. The entire market is growing. The online portion is growing. The offline portion is flattening out. And then the offline portion, while it is flattening out, it is also getting divided because of the increasing number of casinos," Gokongwei said in 2025, as reported by PhilStar.
FAQ
What did Lance Gokongwei invest in PhilWeb Corporation?
Lance Gokongwei invested P2.03 billion in PhilWeb Corporation in his personal capacity to acquire 159.53 million common shares and 93.84 million redeemable preferred shares at P8 each. The investment gives him an initial 10% stake that could rise to around 15% if all preferred shares are converted into common stock.
How does PhilWeb Corporation earn revenue?
PhilWeb earns revenue by providing gaming platforms, content, systems integration, technical support and other services to licensed operators. Based on its Q1 2026 quarterly report, 126 gaming locations were operating under PhilWeb, and its network carried at least 1,600 Pagcor-approved games from four content providers. The company already supports NUSTAR's online gaming operations and partners with Hann Casino, Okada Manila, and Newport World Resorts.
What other gaming assets does the Gokongwei family own?
The Gokongwei family owns the P30-billion NUSTAR integrated resort in Cebu through Universal Hotels and Resorts Incorporated, a privately held company focused on gaming and integrated resorts. NUSTAR has launched NUSTAR Online as the digital extension of its physical casino.
