Published : Wednesday, October 05, 2011 00:00 [ manilatimes.net ]
Written by : DARWIN G. AMOJELAR
BELLE Corp. on Tuesday said it raised funding for the construction of a world-class integrated resort entertainment complex along Roxas Boulevard.
In a statement, the company said its stock rights offering was completed with an over-subscription of 201.7 million shares, thus selling 1.71 billion shares from the planned 1.508 billion available for subscription.
BDO Capital was tapped as the underwriter for the rights offering, while Deutsche Bank A.G. served as the international financial advisor.
Belle said the P4.5 billion proceeds of the stock rights offering would be used to fund the construction of the Belle Grande integrated resort located at the entrance of Pagcor Entertainment City.
The company began the construction of the $1 billon resort early last year.
Upon completion, the resort would have more than 250,000 square meters of gross floor area, including about 17,000 square meters of gaming space, more than 20,000 square meters of retail and restaurant facilities and more than 800 hotel rooms.
The grand opening is scheduled on the first quarter of 2013.
Belle earlier obtained a P5.6-billion loan from Sy-led Banco De Oro to jumpstart the development of the resort.
Belle will spend $550 million for the development of the casino, hotel, condotel, and theatre complex, while AB Leisure Global Inc., a wholly owned subsidiary of Leisure and Resorts World Corp., will contribute $200 million for the casino interior and working capital.
Belle fully owns Premium Leisure & Amusement Inc., which was granted a provisional license by state-run Philippine Amusement and Gaming Corp. to establish and operate the casino.
The consortium also tapped Asia Pacific Gaming, which operates five casinos in Macau, to help run the Philippine casino.
Belle shares rose to P3.27 each on Tuesday from P3.26 on Monday.