Bloomberry to borrow P14.3 B for expansion

 Economy
Mar 122013
 
Bloomberry to borrow P14.3 B for expansion

MANILA, Philippines – Casino complex developer Bloomberry Resorts Corp. has secured an agreement to borrow as much as P14.3 billion for the expansion of its soon-to-open Solaire Manila Resort and Casino. In a disclosure to the stock exchange Bloomberry said its subsidiaries Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc. have entered into a loan deal with several banks. “Lenders BDO Unibank Inc., China Banking Corp. and Philippine National Bank have agreed to make available to SPI an additional loan facility of up to P14.3 billion to help finance the construction of the Phase 1a expansion of the hotel and entertainment building complex of Solaire Manila,” Bloomberry said. The deal was arranged by BDO Capital and Investment Corp. Bloomberry, controlled by port magnate Enrique Razon Jr., earlier announced its plan to spend $200-250 million for the expansion that will allow the company to open an-all-suite hotel, 3,900 parking slots, a shopping center with luxury brand stores and an entertainment theater by next year. The $750-million Phase 1 of Solaire Manila will start welcoming guests in its 500-room casino hotel near Manila Bay on March 16. It will also offer a world-class casino encompassing 18,500 square meters of space and 15 luxurious dining options. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The casino hotel is situated in the Entertainment City, a 120-hectare property reclaimed from Manila Bay and owned by the state-run Philippine Amusement and Gaming Corp. (Pagcor). Bloomberry is one of the four license holders in Entertainment Read More …

Philippine laundering law ‘exempts’ casinos

 Entertainment
Feb 092013
 
Philippine laundering law ‘exempts’ casinos

The $1.2 billion Solaire Manila Resorts (design model above) is one of four gaming operations licensed at Manila’s bayside Entertainment City, a government project designed to compete with Macau, Las Vegas and Singapore as a gaming hub. MANILA, Feb 6, 2013 (AFP) – Casinos were given a free pass as the Philippine parliament Wednesday passed a tougher law against money-laundering but protected the government’s bid to chase mega-dollars in Asia’s gaming boom. The amendments passed by the Senate and House of Representatives apply to businesses other than banks and aim to stop the funneling of proceeds from criminal activity, as well as to block terror funding. They also raise prison terms and fines. However, Senator Teofisto Guingona said casinos and Internet gaming were excluded at the request of the House and of the state regulator Philippine Amusement and Gaming Corp. “(They) excluded casinos from coverage because (House members) warned it would deter investors. That’s the number one reason. And number two, Pagcor,” Guingona told reporters, referring to the regulator’s abridged name. The Senate’s passage of the law came five weeks before the opening of Entertainment City, an $4 billion Manila casino complex aimed at rivalling Macau, Las Vegas and Singapore as a gaming hub. The latest changes to a 2001 statute are now expected to be signed into law by President Benigno Aquino. Banks were already covered under the 2001 law. The new law’s passage followed a threat last year to blacklist the Philippines unless it assumes greater powers to Read More …

$4-B mega-casino set to open next month in Manila

 Entertainment
Feb 072013
 
$4-B mega-casino set to open next month in Manila

The $1.2 billion Solaire Manila Resorts (design model above) is one of four gaming operations licensed at Manila’s bayside Entertainment City, a government project designed to compete with Macau, Las Vegas and Singapore as a gaming hub. MANILA, Feb 6, 2013 (AFP) – A $4 billion mega-casino complex is set to open in the Philippines in mid-March when the first of four franchise-holders starts commercial operations, the parent firm said in a disclosure released Wednesday. The $1.2 billion Solaire Manila Resorts is one of four gaming operations licensed at Manila’s bayside Entertainment City, a government project designed to compete with Macau, Las Vegas and Singapore as a gaming hub. Boasting 500 hotel rooms set in modern resorts, Solaire will open its doors on March 16, parent company Bloomberry Resorts Corp. said in a disclosure to the Philippine Stock Exchange. “(We) confirm that (Bloomberry’s) Solaire Manila Resorts and Casino has collected the top former operating officers of world-renowned casinos in Las Vegas and other parts of the world,” it said in a letter to the exchange. The February 5 letter, released by the bourse on Wednesday, said these personnel include around 400 Filipinos who have worked in gaming and hotels across the world. Solaire plans to add 300 more hotel rooms after two years, said Bloomberry, a listed firm controlled by Philippine port tycoon Enrique Razon. Two other franchise-holders – one involving Australian billionaire James Packer and Macau gaming tycoon Lawrence Ho as shareholders and another with Japanese gambling tycoon Kazuo Read More …

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