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Asia

Bloomberry acquires PAGCOR’s sells Solaire casino

Published

7 years ago

on


Photo credits: www.rappler.com
Reading Time: < 1 minute

The Philippines-based Bloomberry Resorts has won the bid to buy the twin lots where Solaire Resort & Casino stands.

The auction for the 16-hectare lot, owned by the Philippine Amusement and Gaming Corporation (PAGCOR), was finally won by Bloomberry Resorts Corp, for €595.3 million.

The acquisition will be completed by Bloomberry-owned Sureste Properties Inc. (SPI), which accepted the notice of award from PAGCOR, within the next 45 days. SPI submitted the only proposal to acquire the land (after two failed biddings by the Philippine regulator) and offered €1.6 million above the floor price.

SPI will act as a mortgagor, pledger and surety, while Bloomberry Resorts & Hotel Inc. will serve as borrower and mortgagor, as the agreement signed with local banks stipulates.

After failing to draw interest following the launch of an auction for the land in November, PAGCOR tried again with a new auction last January. Only SPI submitted a bid, but due to the casino operator and regulator’s public bidding rules, the sale could not be executed back then.

Source: focusgn.com

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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