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 Parañaque 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 Parañaque 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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