Quantcast
Latest Stories

Global Gaming buys 9% of Bloomberry Resorts

By

Global Gaming Asset Management has acquired a 9 percent stake in Bloomberry Resorts Corp., owner and developer of the upcoming Solaire Manila casino-hotel.

In a disclosure to the Philippine Stock Exchange on Wednesday, Bloomberry said Global Gaming Philippines Llc, the local unit of the Las Vegas-based firm, had exercised its option to buy 921.18 million shares in Bloomberry from businessman Enrique Razon Jr.-led Prime Metroline Holdings at a price equivalent to $15 million plus 10 percent of the latter’s cost of investment in Solaire Manila project.

This is thus equivalent to a price of P1.67 per share, the disclosure said.

Bloomberry has signed a five-year management contract with GGAM that is renewable for another five years.

GGAM, which also operates in Las Vegas, Macau and Singapore, was expected to exercise this option before Solaire Manila opens.

GGAM was given the option to buy shares in Bloomberry to give it an incentive to “get the best people in this industry,” Razon earlier said. The president of Bloomberry, Michael French, used to be the chief executive officer of Macau’s City of Dreams.

GGAM is an investor, developer and manager of casino resort properties based in Las Vegas.

Its three principals have decades of integrated tourism resort and gaming experience, a substantial portion of which was in senior management positions with Las Vegas Sands in the US and Macau.

Under the terms of the management services agreement, GGAM provides planning technical and other advisory services to the Solaire Manila project during its construction and fit-out stage and will provide management services when it starts commercial operation next year.

Based on an earlier disclosure, GGAM will be paid 2-6 percent of the earnings before interest, taxes, depreciation and amortization (EBITDA) generated by Solaire Manila facilities, including local high roller table games.

A separate “incentive fee” will allow GGAM to be paid a graduated fee for achieving certain EBITDA thresholds in relation to foreign high roller tables and junket players.

Bloomberry’s $1-billion “Solaire” gaming and hotel complex is expected to be the first to open in the Philippine Amusement Gaming Corp. (Pagcor)’s Entertainment City —the country’s version of the Las Vegas or Macau strip—by next year.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: acquisition , Bloomberry Resorts , Business , gaming. Global gaming



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Bernice Lee arrested by NBI team
  • Group: Bataan cop killed to stop him from exposing colleagues linked to drug ring
  • Chemical Engineer licensure examination
  • Troubled history fuels Japan-China tension
  • Palace: Our concern is to ensure MRT runs smoothly
  • Sports

  • NLEX fights off Derulo Accelero to remain unbeaten
  • Mayweather diehard Bieber eats pride, poses with Pacquiao for photo op
  • Power Pinays rip Singapore to enter quarters in Asian volley tilt
  • PBA D-League: Waves edge skidding Superchargers
  • Ilad’s last-second basket lifts Gems over Bakers
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Arrest warrants out vs. Deniece Cornejo, Cedric Lee, et al over serious illegal detention
  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Business

  • Century Pacific Food sets IPO price at P13.75 per share
  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Balikatan could spoil peace talks, says militant group
  • DFA officers hold workshop on aiding human traffic victims
  • Canada in communication with PH on toxic wastes
  • Filipinos in Middle East urged not to panic amid MERS-CoV scare
  • Obama on mission to quiet Asia skeptics
  • Marketplace