Third time is the charm
Philippine casino operator Bloomberry Resorts Corp. has struck a deal to buy two parcels of land in Manila where its Solaire Resort & Casino is located.
Sureste Properties Inc., a wholly owned subsidiary of Enrique Razon’s company, received “a notice of award” from the Philippine Amusement and Gaming Corp. sealing the deal for 16 hectares (39.5 acres) of land in Entertainment City where Solaire and its expansion area are located.
Bloomberry will pay PHP37.33 billion (US$717.2 million) for the two plots of land, “as approved by the PAGCOR board on April 18.” According to a filing, the purchase price for the combined plots is PHP100 million higher than the minimum bid price of PHP37.23 billion set by PAGCOR in the latest request for bids for a negotiated sale of the two plots.
“Sureste Properties will complete the transaction, sign the deed of absolute sale and pay the balance of the purchase price within 45 days,” said the parent company.
It’s Bloomberry’s third attempt to buy the land. The company submitted bids in November and January; both were shelved because there were no other bidders as initially required by the regulator. Morgan Stanley says the land buy is good for Bloomberry, and will make its valuation in the market “comparable to peers who own their land.”
