Bloomberry Completes Solaire Land Acquisition

Bloomberry Resorts said it has completed the acquisition of the land plots on which its Solaire Resort & Casino is situated for 37.33 billion pisos (about US$709.6 million).

The operator, which is now seeking a license in Japan, was the first to open an integrated resort in Manila’s Entertainment City complex, which has been earmarked as a gaming and recreation zone. The area is now home to three IRs and is the main driver for gaming revenue in the Philippines.

The company said its Sureste Properties unit has fully paid the price to the Philippine Amusement and Gaming Corporation (PAGCOR) and signed the deed.

The land includes two parcels in Entertainment City with an area of 3,733 square meters and 156,626 square meters respectively.

PAGCOR put the land up for auction in January, though it failed to attract sufficient bidders under the law. This allowed it to negotiate the sale directly with Sureste. (AGB)