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Bloomberry revising charter to raise more funds

By Jenniffer B. Austria | Posted on Jun. 15, 2013 at 12:01am
[ manilastandardtoday.com ]
Bloomberry Resorts Corp., an operator of an integrated resort and casino complex in Pagcor City in ParaƱaque City, agreed to revise its charter to enable it to guarantee obligations of subsidiaries or affiliates.
Bloomberry said in a disclosure to the stock exchange the amendment would allow the company to raise funds through bond issues by offshore financing vehicles with guarantee from the company.
“This is a mode of raising funds from international investors that many companies in the Philippine Stock Exchange used in the recent years,” Bloomberry said.
The company said it would ask the approval of shareholders during an annual meeting scheduled this month.
Bloomberry in 2012 raised P8.85 billion from a share sale to partially fund the construction of Solaire Manila, an 8.3-hectare integrated resort and casino project located within the government-sponsored Entertainment City in ParaƱaque City.
The first phase of Solaire, which opened in March, offers 1,200 slot machines and 300 gaming tables, seven international restaurants and well as 500 hotel rooms.
Solaire is expanding the gaming business by adding 300 all-suite hotel rooms as well as a shopping center with 30 to 40 high-end brand shops, a 1,800-seating entertainment theater, 3,000 parking spaces, a night club and more restaurants.
The expansion projects are under construction, with the launch date scheduled by the middle of next year.
Bloomberry also owns another eight-hectare property in Entertainment City that could be developed in the future.
Bloomberry earlier reported that Solaire Manila generated P578.3 million in revenues in the first 15 days of operations
Gaming was the biggest contributor to revenues, registering P495.6 million while Solaire’s hotel and food and beverage outlets followed with P57.1 million.
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