GGRAsia – Bloomberry out of Philippine exchange main index

Bloomberry out of Philippine exchange main index

Aug 24, 2016 Newsdesk Latest News, Philippines, Top of the deck

Philippines-based Bloomberry Resorts Corp – owner and operator of the Solaire Resort and Casino (pictured) in Manila – will be dropped from the main index of the Philippine Stock Exchange.

The decision was announced on Wednesday by the exchange operator as part of an annual review of the index composition. Bloomberry will be replaced on the index – also known as PSEi – by Philippine lender Security Bank Corp.

The change will take effect on September 12, the operator stated.

Bloomberry was the only casino operator featured in the index. But several conglomerates included on the PSEi have interests in the Philippine gaming sector. Those include Alliance Global Group Inc, an investor in Philippine casino operator Travellers International Hotel Group Inc; and SM Investments Corp, indirectly involved in the City of Dreams Manila casino resort.

To be included on the PSEi, a listed company should be among the most liquid and valuable companies on the Philippine bourse.

Bloomberry reported a profit of approximately PHP1.33 billion (US$28.5 million) in its unaudited results for the three months to June 30, compared to a loss of PHP773.5 million in the prior-year period.

In June, the firm sold its Jeju Sun Hotel and Casino – on Jeju Island in South Korea – to Macau VIP gambling room investor Iao Kun Group Holding Co Ltd.