Bloomberry's unit secures 16-hectare land in Entertainment City

MANILA, Philippines — Bloomberry Resorts Corp. ($BLOOM) on Friday said it acquired a 16-hectare land in Entertainment City, a sprawling gaming hub by the Manila Bay.

In a disclosure to the stock exchange, Bloomberry said its wholly-owned subsidiary Sureste Properties Inc. received a notice of award from the Philippine Amusement and Gaming Corporation.

Bloomberry secured the lot for P37.33 billion, P100 million above the floor price set by PAGCOR for the property.   

SPI was the sole offeror for the land in a negotiated sale after two failed biddings, the Enrique Razon Jr.-led company said in the same regulatory filing.

“SPI will complete the transaction, sign the Deed of Absolute Sale and pay the balance of the purchase price within 45 days,” Bloomberry said.

Bloomberry's Solaire Resort and Casino is located in the Entertainment City.

Shares in Bloomberry shed two centavos or 0.17 percent to close at P12.02 each in the Philippine Stock Exchange on Friday.