Leisure and Resorts World Corporation (LR) was originally incorporated on October 10, 1957 as Atlas Fertilizer Corporation and engaged in fertilizer and industrial chemicals production. As part its corporate restructuring in 1996, LR's primary purpose was amended in 1999 to engage in realty development focusing on leisure business. However, for several years, it had minimal operations and functioned as a holding company. When the company acquired AB Leisure Exponent, Inc. (ABLE) as its wholly-owned subsidiary in October 1999, LR 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. As of end 2008, ABLE and its subsidiaries/affiliates operated a total of 44 bingo parlors, 6 of which are owned by ABLE, 36 through subsidiaries and two minority-owned affiliate. On September 20, 2005, LR acquired First Cagayan Leisure and Resort Corporation (FCLRC), which has an existing license agreement with the Cagayan Economic Zone Authority 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. As of December 31, 2008, there were 35 licensed locators, 30 of which are operational. Source: SEC Form 17-A (2008)