Jan 12, 2016 Newsdesk Latest News, Philippines, Top of the deck  
Philippine-based casino operator Bloomberry Resorts Corp on Monday acquired an additional 808,000 company shares from the open market, it announced in a filing.
“The purpose of the share buyback is to allow Bloomberry Resorts to acquire enough listed Bloomberry Resorts shares (while the share price is low) that will cover the total number of shares granted to certain officers and employees under the stock incentive plan that will vest in the future,” the company stated in Tuesday’s filing.
The shares were acquired at an average price of PHP3.51 (US$0.07) apiece, according to company data. That was close to its 52-week low of PHP3.50 and well bellow the PHP13.40 peak in that period.
Bloomberry Resorts has bought back almost 18.09 million shares since last June. The company has more than 11.01 billion outstanding shares.
Several companies with casino interests in the Philippines have been buying back shares since last year, as their stock prices have been going down. Annual stock price declines for 2015 ranged from 46 percent for Travellers International Hotel Group Inc – operator of the Resorts World Manila casino hotel – to more than 80 percent in the case of Melco Crown Philippines Resorts Corp, which operates the City of Dreams Manila property.
Bloomberry Resorts posted a 64-percent annual decline in share price for the period, show data compiled by GGRAsia from investment research firm Morningstar Inc.
Share buybacks typically have the effect of concentrating the value of existing shareholders, say investment analysts.
Bloomberry Resorts built and manages Solaire Resort and Casino (pictured) in Manila, which opened in March 2013. In November 2014 the property opened its Sky Tower, with 66 VIP gaming tables and 223 slot machines.
Bloomberry Resorts – which also has a majority stake in Jeju Sun Hotel and Casino, on South Korea’s southern holiday island Jeju – reported a net loss amounting to PHP189.5 million for the third quarter of 2015, compared to a profit of PHP991.7 million a year earlier.
The casino operator is also seeking a gaming permit in Argentina. According to media reports, Bloomberry Resorts in December submitted an “indication of interest” for an integrated resort project in Cyprus.
May 31, 2023
May 04, 2023
Jun 01, 2023
Jun 01, 2023
Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking its market approach in the land-based segment, in terms of manufacturing and sales, says Naoki Kameda (pictured, left), the firm’s...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
”We’re interested [in entering Thailand], we’re looking… but it’s early days”
Robert Goldstein
Chairman and chief executive of casino operator Las Vegas Sands