GGRAsia – Bloomberry unit buys parent stock as gift to key patrons

Bloomberry unit buys parent stock as gift to key patrons

Jan 23, 2018 Newsdesk Latest News, Philippines, Top of the deck

A firm that runs a casino resort in the Philippines is acquiring some shares in its parent company Bloomberry Resorts Corp in order to pass them on as a “reward” to some of the resort’s “loyal patrons”. The information was provided by Bloomberry Resorts Corp in a filing to the Philippine Stock Exchange on Tuesday.

Bloomberry Resorts Corp is the owner and operator of the Solaire Resort and Casino (pictured) in Manila, and also plans to build a casino resort at Quezon City, north of Metro Manila, with construction scheduled to start this year.

“The board of directors of Bloomberry Resorts and Hotels Inc – in a board resolution dated 22 January 2018 – authorised the company to purchase up to 2 million shares of Bloomberry Resorts Corp through the stock market at market price,” said the parent’s filing.

“These shares shall be given as a reward to Solaire’s loyal patrons and as part of Solaire’s marketing programme,” the company added.

According to Tuesday’s filing, Bloomberry Resorts and Hotels acquired on Monday a total of 382,900 shares in the parent firm, for a total consideration of PHP4.24 million (US$82,993).

Casino stocks of Philippine operators posted some of the strongest gains for the sector in Asia during 2017. Bloomberry Resorts Corp posted an annual increase in share price of 77 percent for the period, according to publicly-available data compiled by GGRAsia.