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Gaming firm acquires stake in Bloomberry Resorts

Posted on December 28, 2012 08:04:37 PM
THE LOCAL unit of Las Vegas-based Global Gaming Asset Management has completed the acquisition of a stake in listed Bloomberry Resorts Corp., the hotel and casino operator said in a disclosure yesterday.   

“BLOOM (Bloomberry’s trading symbol) hereby discloses that the transaction closed today [Friday] and the shares were crossed today [Friday] via special block sales at the Philippine Stock Exchange at a price of P1.67 per share,” stated the disclosure.

The purchase is equivalent to “approximately” 10% of Bloomberry.

“[Global Gaming Philippines’] stake is approximately 10% after exercising [its] option, [it] had no ownership ‘stake’ prior to this,” Michael French, the company’s chief operating officer, said in an e-mail on Tuesday when asked on Global Gaming Philippines’ stake after the transaction.

Global Gaming Philippines LLC, which manages Solaire Manila, the integrated resort casino complex of Bloomberry Resorts, on Wednesday purchased 921.18 million shares in the listed company.

The shares will be sold by Prime Metroline Holdings, Inc. to Global Gaming Philippines at $15 million, stated a previous disclosure last week.

Prime Metroline Holdings is Bloomberry’s largest shareholder with 5.97 billion shares equivalent to 71.29% as of end-September.

Bloomberry, which debuted on the local bourse early this year via backdoor listing, is building the $1-billion, five-star Solaire Manila at the Bagong Nayong Pilipino Entertainment City in ParaƱaque City.

Aside from Bloomberry, three other casino-resort developers, namely, Travellers International Hotel Group, Inc., the SM Consortium, and Tiger Resorts Leisure and Entertainment, Inc., have also been authorized by the government to build their respective gaming projects in Entertainment City.

The first phase of Solaire Manila, which will open next March, will feature an 11-storey, 500-room hotel atop a three-level podium, as well as a 10-storey parking building all to be built on an 8.3-hectare property, with the casino and gaming area alone expecting to feature 1,200 slot machines and occupy some 18,500 square meters.

In addition, Phase 1A and Phase 2 -- two areas at Solaire Manila roughly measuring a combined eight hectares -- have been allotted for future expansion.

Bloomberry widened its nine-month net loss to P369.47 million from P103.49 million last year due to a continued surge in expenses incurred from the construction of Solaire Manila.

Shares of Bloomberry gained 10 centavos or 0.76% to P13.20 on Friday. -- Cliff Harvey C. Venzon
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