GGRAsia – Philippine casino operator Bloomberry in US$1.4bln loan

Philippine casino operator Bloomberry in US$1.4bln loan

Apr 12, 2018 Newsdesk Latest News, Philippines, Top of the deck

Bloomberry Resorts and Hotels Inc, a unit of Philippine casino investor Bloomberry Resorts Corp, has taken out a PHP73.5 billion (US$1.41 billion) loan with a syndicate of seven Philippine banks.

A Wednesday filing by the parent, which is the promoter of the Solaire Resort and Casino (pictured) in Manila, said part of the proceeds would be used for “investments and working capital requirements” of Bloomberry Resorts and Hotels.

The group has already announced a slate investment commitments, including a new casino resort at Quezon City north of Metro Manila, and reiterated in its annual results published earlier this month, plans for a tourism resort near Incheon in South Korea. Bloomberry Resorts has also expressed interest in obtaining a Japan casino licence, and in a possible Vietnam investment.

The group was the only bidder in an auction process – initiated in January by the country’s casino regulator, the Philippine Amusment and Gaming Corp (Pagcor) – for the land on which Solaire stands. Pagcor has since announced a new auction for that land, with proposal submission scheduled for April 17. The minimum bid price is PHP37.23 billion.

Bloomberry unit Sureste Properties Inc provided surety for the freshly-announced loan, which involved BDO Capital and Investment Corp as the lead arranger and sole book runner.

The deal has also refinanced all the existing loans of Bloomberry Resorts and Hotels and Sureste Properties, said the filing.