Bloomberry grants 10mln shares to some execs, directors

May 20, 2020 Newsdesk Latest News, Philippines, Top of the deck  

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Bloomberry Resorts Corp – the operator of Solaire Resort and Casino in the Philippine capital Manila – on Tuesday said in a series of filings it had granted that day a total of just over 10.7 million shares to some directors and staff under the Bloomberry Stock Incentive Plan.

The shares granted were priced at PHP5.20 (US$0.10) each, according to the announcements.

The largest single grant went to the company’s president and chief operating officer, Thomas Arasi, who got nearly 3.5 million shares. Cyrus Sherafat, executive vice president for casino marketing at Bloomberry Resorts, was granted just over 1.1 million shares.

The Philippine casino operator had reported that its first-quarter net income declined by 37.7 percent year-on-year to PHP1.38 billion, while net revenue contracted by 12.5 percent. The company attributed “economic and tourism implications” arising from the Covid-19 pandemic as a major reason for the earnings decline.

Bloomberry Resorts’ Solaire property, along with other large-scale private-sector casinos in the Entertainment City zone in Manila, has been closed since mid-March on a temporary basis due to the Metro Manila lockdown linked to the pandemic. The lockdown was subsequently extended in increments. It is poised to run in a modified form until at least the end of this month.

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