Possible Japan bidder
Bloomberry Resorts and Hotels Inc., a subsidiary of Philippine casino operator Bloomberry Resorts Corp., has taken out a PHP73.5 billion (US$1.41 billion) loan with a syndicate of seven Philippine banks.
A filing by the parent company, which operates the Solaire Resort and Casino in Manila, said part of the proceeds would be used for “investments and working capital requirements” of Bloomberry Resorts and Hotels.
The group is working on a new casino resort at Quezon City north of Metro Manila, and plans a tourism resort near Incheon in South Korea. Bloomberry also may bid on a Japan casino license, and in a possible Vietnam investment.
The group was the only bidder in an auction of the land where Solaire stands. The Philippine Amusement and Gaming Corp. has announced a new auction for that land, with proposal submission scheduled for April 17. The minimum bid price is PHP37.23 billion.
Bloomberry unit Sureste Properties Inc. provided surety for the loan, which involved BDO Capital and Investment Corp. as the lead arranger and sole book runner, according to GGRAsia. The deal has also refinanced all the existing loans of Bloomberry Resorts and Hotels and Sureste Properties, said the filing.
