Bloomberry gets Pagcor OK to buy Entertainment City lot for P37.3 B

MANILA, Philippines — Bloomberry Resorts Corp. has been awarded the rights to purchase a 16-hectare land in Entertainment City, the site of its Solaire Resort & Casino complex, for P37.33 billion.

In a disclosure to the Philippine Stock Exchange yesterday, Razon-led Bloomberry said its wholly-owned subsidiary Sureste Properties Inc. (SPI) has received the notice of award from the Philippine Amusement and Gaming Corp. (Pagcor).

SPI was the sole entity that made an offer  for the property in a negotiated sale after two failed biddings. 

Bloomberry said its purchase price is P100 million above the floor price set by Pagcor for the property.

SPI intends to complete the transaction, sign the deed of absolute sale and pay the balance of the purchase price within 45 days.

Bloomberry’s Solaire has the leasehold rights for the lots through SPI, which has the right to match “the highest complying bid for the properties.”

Bloomberry’s profit rose to a record level last year behind robust earnings from its resort casino and improving operations in Korea.

The owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino reported a 161 percent jump in earnings to P6.1 billion.