Bloomberry raises P11.4B for Solaire expansion

Screengrab from https://www.bloomberry.ph/

MANILA, Philippines – Bloomberry Resorts Corp. has raised P11.425 billion through a private debt deal for the expansion of Solaire Resort and Casino, the first integrated gaming and entertainment hub to have opened in Pagcor Entertainment City.

In a disclosure to the Philippine Stock Exchange on Monday, Bloomberry said its subsidiary, Sureste Properties Inc., and the latter’s subsidiary Bloomberry Resorts and Hotels Inc. (BRHI), raised the money through a corporate notes facility.

BRHI acted as the issuer of the corporate notes while Sureste guaranteed the debt notes.

Because corporate notes are issued to no more than 19 institutional investors, offering such notes is a faster way for top-tier corporations to raise fresh funds than a retail bond offering, which requires tedious securities registration process.

The banks that participated in BRHI’s corporate notes facility were BDO Unibank Inc., BDO Leasing and Finance Inc., BDO Private Bank Inc., China Banking Corp., Robinsons Bank Corp. and United Coconut Planters Bank.

Upon completion, this Phase 1-A expansion of Solaire will provide  200 additional slot machines, 65 gaming tables, a new 300-suite boutique hotel tower, additional restaurants, a retail promenade with over 20,000 square meters of leasable space, a performance theater with up to 1,800 seats, a nightclub and a parking facility with space for about 3,500 cars.