GGRAsia – Casino op Bloomberry Resorts added to PSE Index

Casino op Bloomberry Resorts added to PSE Index

Feb 08, 2019 Newsdesk Latest News, Philippines, Top of the deck

Bloomberry Resorts Corp, the promoter of the Solaire Resort and Casino complex in Manila, will be added to the Philippines’ PSE Index, a composite index of stocks said to include top listed companies in that country in terms of their liquidity and market capitalisation.

The news was given in a Friday press release on the Philippine Stock Exchange’s website. Bloomberry Resorts’ addition to the PSE Index will become effective on February 18.

Bloomberry will replace Petron Corp in the index “based on the review of listed companies covering trading activity from January to December 2018,” the release stated.

For a listed company to qualify for the index it should have a free float level of at least 15 percent of its outstanding shares, according to the release. It added that the stock exchange operator “also considers relevant financial criteria in the review”.

Information available on Friday about Bloomberry Resorts via the PSE’s Edge website said it listed in October 2000 and currently had a market capitalisation of circa PHP127.26 billion (US$2.44 billion); and a free-float level of 35.27 percent. The shares opened on Friday trading at PHP11.56 apiece, rising 4.33 percent to PHP12.06 by the afternoon.

Friday’s PSE announcement also mentioned that Melco Resorts and Entertainment (Philippines) Corp – an entity linked to the City of Dreams Manila casino resort that is run by Asian casino firm Melco Resorts and Entertainment Ltd – was being removed from the PSE’s Services Index.

Melco Resorts Philippines shares have been suspended from trading since early December, after its public float fell below the 10-percent minimum public ownership requirement following a tender offer to shareholders.

Lawrence Ho Yau Lung’s Hong Kong-listed investment vehicle Melco International Development Ltd is the ultimate controlling shareholder of Melco Resorts Philippines.

In other news, it was reported that Solaire Resort and Casino had concluded what was described as a “record-breaking” – in terms of economic value – sponsorship deal with South Korean female golfer Sung Hyun Park, who is ranked number two on the LPGA Tour.

The deal is said to include Solaire having some branding rights on her golf cap.