Global Gaming buys into Bloomberry Resorts

MANILA, Philippines - Global Gaming Asset Management (GGAM), which will operate the flagship casino project of Razon-led Bloomberry Resorts Corp. in Entertainment City Manila, has exercised its option to acquire 921.18 million Bloomberry shares.

In a disclosure to the Philippine Stock Exchange, Bloomberry said GGAM will purchase the shares for P1.67 each or a sharp discount to yesterday’s closing price of P13.34 per share.

The shares to be bought will give GGAM about 8.7 percent of Bloomberry, making it the second-biggest shareholder of Solaire Casino & Resort.

GGAM, led by veteran casino executives from Las Vegas and Macau, expects to close the deal on Dec. 28 after the PSE’s approval for the special block sale is obtained.

The $1.2-billion Solaire will open its doors in March next year, making it the first casino to open in the 120-hectare Entertainment City. The first phase of the project comprises 500 spacious and exquisitely appointed rooms, suites and bay side villas, a world-class casino encompassing 18,500 square meters of space, and 15 luxurious dining options.

Solaire boasts of having the largest standard rooms offered in the country averaging between 43 to 55 square meters.

The resort’s gaming space will feature an outdoor themed casino and entertainment bar.  It will have approximately 300 gaming tables and 1,200 slot machines comprising the latest in games and advanced technology.

Bloomberry is also set to start construction of Phase 1-A, which will roll out the retail component, a 300-all-suite hotel which will offer 70 sqm of space, a showroom, as well as 3,900 parking slots.  This phase is targeted for completion in the first half of 2014.

To capitalize on the expected strong growth of the gaming business, Bloomberry acquired an additional 8,000 sqm lot which it intends to develop within 18 months after the opening of Phase 1-A.