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LR buys 51% of Midas Hotel

By Jenniffer B. Austria | Posted on Nov. 13, 2012 at 12:02am
[ manilastandardtoday.com ]

Leisure Resorts World Corp. plans to invest P750 million in acquiring a 51- percent interest in a company that operates the Midas Hotel and Casino in Pasay City, formerly the Hyatt Regency Hotel.

Leisure Resorts said in a disclosure to the stock exchange that it signed an agreement with Eco Leisure and Hospitality Holding Company Inc. and Hotel Enterprises of the Philippines Inc. to purchase a controlling stake in the outstanding capital stock of HEPI.

“The investment of the company is expected to strengthen and enhance the operations of the Midas Hotel and Casino,” Leisure Resorts said.

Eco Leisure and HEPI are owned by businessman Elizalde Co, who also owns luxury resort Misibis Bay in Albay.

Retail magnate Lucio Co of Puregold Price Club Inc., meanwhile, partly owns Midas Hotel and Casino.

The Philippine Stock Exchange suspended the trading of the shares of Leisure Resorts since the transaction is covered by the revised disclosure rules on substantial acquisitions and takeovers of the bourse.

The PSE said the trading of Leisure Resorts shares will remain suspended pending submission of financial documents.

Shares of Leisure Resorts were last traded Friday when it closed at P9.20 apiece.

Leisure Resorts, owned by the family of businessman Alfredo Benitez, the son of former human settlements minister Jose Conrado Benitez, is a gaming company  involved in Belle Corp.’s Belle Grande Manila Bay project.

Leisure Resorts has committed to invest P4 billion in the $1-billion Belle Grande project, which is slated for opening by the end of 2014.

Leisure Resorts in exchange will get a share of Belle’s earnings from leasing of commercial space as well as a piece of casino earnings.

Funding for the P4-billion investments will come from borrowings and internally generated funds.
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