Razon’s Bloomberry finally claims vital Solaire land
Tycoon Enrique Razon Jr.-led Bloomberry Resorts Corp. has bagged for P37.33 billion the 16-hectare lot where integrated gaming resort Solaire stands on, future-proofing its bailiwick within Pagcor Entertainment City along Manila Bay.
As Bloomberry was the only one among four gaming licensees in Pagcor City that did not own the land occupied by its gaming hub, this purchase secures its $1.2-billion investment in Solaire, the first gaming property to open in the Philippines’ mini-version of the Las Vegas strip.
Bloomberry’s wholly-owned unit Sureste Properties Inc. (SPI) officially received a notice of award from its landlord, Philippine Amusement and Gaming Corporation (Pagcor).
Based on a disclosure to the Philippine Stock Exchange on Friday, SPI was the only one that went after a negotiated sale after two failed biddings.
The purchase price was P100 million above the floor price set by Pagcor for the property.
SPI expects to complete the transaction, sign the deed of absolute sale and pay the balance of the purchase price within 45 days, the disclosure said.
During the last auction for the lot on April 17, Pagcor tweaked the bidding rules to allow for even just one bidder—instead of two—to submit a proposal, for as long as the bid was above the floor price.
Bloomberry recently announced a P73.5-billion fundraising from a banking loan syndicate. Apart from refinancing some debt, Bloomberry had prepared to acquire this Solaire lot from Pagcor.
Solaire was the first property to open in Pagcor Entertainment City. It became the first integrated resort in the area with the opening of Sky Tower last November 2014. Aside from a 312-key all-suite five-star hotel, Sky Tower features other amenities such as The Theatre, a 1,760-seat Broadway-style theatre; The Macallan, a luxury cigar and whisky bar; 1,000 square meters of meeting space in The Forum; an international KTV bar as well as additional gaming facilities. Solaire’s high-end retail area, The Shoppes, features luxury brands such as Louis Vuitton, Prada, Bvlgari, Salvatore Ferragamo and Givenchy.
