Bloomberry Resorts raises P11.425B to fund Solaire expansion

Listed casino operator Bloomberry Resorts Corp. has raised P11.425 billion from selling debt notes to select banks to partly finance the expansion of Solaire Resort & Casino Manila.

 

In a disclosure to the Philippine Stock Exchange on Monday, Bloomberry said subsidiary Sureste Properties Inc. (SPI) and SPI's subsidiary Bloomberry Resorts and Hotels Inc. (BRHI) have executed the corporate notes facility agreement last Feb. 6 with BDO Unibank Inc., BDO Leasing and Finance Inc., BDO Private Bank Inc., China Banking Corp., Robinsons Bank Corp. and United Coconut Planters Bank.

 

BDO Capital & Investment Corp. acted as the lead arranger and sole bookrunner for the facility.

 

"The proceeds is intended to partially finance the construction of Phase 1-A expansion of the hotel and entertainment building complex of Solaire Resort & Casino," the disclosure read.

 

Last June, Bloomberry chairman Enrique K. Razon said they will spend P20.5 billion for the Phase 1-A expansion, which will be completed in the third quarter of 2014. 

 

Phase 1-A will include a 308-room all-suite hotel tower, high-end retail area, 1,800-seat lyrical theater and more restaurants.

 

Controlled by billionaire port operator Enrique Razon and run by Las Vegas-based Global Gaming Asset Management, the $750-billion Solaire Phase 1 officially opened on March 16, 2013 and is the first development in government-run Entertainment City.

 

The other licensees in Entertainment City are Andrew Tan's Travellers International Hotel Group Inc. and Kazuo Okada's Tiger Resorts Leisure and Entertainment Inc. – Danessa Rivera/VS, GMA News