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.

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 City and the first to complete a project. The three others are Andrew Tan’s Alliance Global Group Inc., the partnership between Japanese gaming tycoon Kazuo Okada and the Gokongwei Group, and taipan Henry Sy’s Belle Corp.

Entertainment City is being groomed to compete with Las Vegas, Singapore and Macau as an international gaming hub.

Pagcor chairman Cristino Naguiat earlier projected at least $10 billion in revenues by 2017 from the operations of the four gaming giants in Entertainment City.