MANILA, Philippines - Bloomberry Resorts Corp. said it will comply with the Philippine Stock Exchange’s rule on minimum public float by the end of the year.
Under the rule, all listed firms must have a minimum public ownership of at least 10 percent by end of the year or they face suspension beginning January 2013.
The company is considering several options to boost its public float which currently stands at 8.82 percent. Among these include share sales, private placements, a stock rights offering, or a stock incentive plan.
Bloomberry is the corporate vehicle for port magnate Enrique Razon’s casino gaming operations. The company is building Solaire Manila, a $1.2-billion resort and gaming complex within the 120-hectare Entertainment City along Roxas Boulevard.
The first phase of the project is slated for completion by the fourth quarter this year and will be operational by the first quarter of 2013.
Estimated to cost around $650 million, phase 1 covers 180,000 square meters of floor area, which includes a hotel tower, three levels of podium that has the ballroom/convention facilities, gaming areas, restaurants, retail shops, and health and wellness facilities. A 10-story parking building offering 300 slots, shall also be constructed.
The gaming area, consisting of 27,700 sqm, will have 1,200 slot machines and 300 gaming tables.
To provide a first-glass gaming experience to customers, Solaire Manila has hired former casino executives from Macau and Las Vegas to be part of its management team. Michael French a, former senior vice-president of City of Dreams Macau, was named chief operating officer. Xingyu (Ed) Chen, ex-financial controller of Wynn Resort Macau, was named chief financial officer.