Asia

Bloomberry obtains funds to start casino in Quezon City

Published

6 years ago

February 13, 2019

Niji Narayan

Bloomberry obtains funds to start casino in Quezon City

Photo Source: g3newswire.com

Reading Time: < 1 minute

The Philippines-based casino company Bloomberry has secured a loan for the development of a new Solaire-branded casino resort in Quezon City. The loan is worth PHP40 billion (approx. $767 million). The company provided this information in its recent filing to the Philippine Stock Exchange.

The loan has been extended to two subsidiaries of Bloomberry: Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc. They have signed an omnibus loan and security agreement to obtain a 10-year combined loan facility with seven banks.

Bloomberry said Monday that the funds will be used by the two companies to partially fund the “design, construction, and development of an integrated hotel and gaming resort” at Vertis North Complex in Quezon City, Metro Manila.

Construction of the integrated resort is expected to commence in mid-2019. The property will occupy a 1.5-hectare site within Vertis North which Bloomberry acquired from the Philippine National Housing Authority back in 2015. The new property is anticipated to open doors in 2021 or 2022.

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Niji Narayan

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.