Enrique Razon Jr.’s casino venture, Bloomberry Resorts Corp., is set to debut on the Philippine Stock Exchange (PSE) on Tuesday with the lifting of the trading ban on its shares due to the completion of its backdoor listing.
Razon’s casino business completed its listing on the exchange this week through the acquisition of Active Alliance Inc. (AAI), a dormant listed firm, now renamed as Bloomberry.
“In view of the company’s compliance with the comprehensive corporate disclosure requirements … please be advised that the trading suspension implemented on AAI shares will be lifted on February 14,” the PSE said.
In its disclosure, AAI said its capital stock would also be increased by 9 billion shares to 15 billion, with a par value of P1 each.
The bulk of these shares will be subscribed to by Prime Metroline Transit Corp., a Razon-owned firm that was supposed to function as a mass transport developer.
Proceeds of the subscription will be used to acquire shares in Sureste Properties Inc., the company that directly handles Razon group’s new casino venture through Bloomberry Resorts and Hotels Inc., from Prime Metroline.
This simply means that ownership of Sureste would be transferred to the listed entity.
The proceeds of the share subscription will also be used for further investments in the gaming and hospitality business.
Sureste’s planned casino, currently being built at the Philippine Amusement and Gaming Corp. (Pagcor) Bagong Nayong Pilipino Entertainment City near Manila Bay, will be called Solaire Manila.
The new casino would cost at least $1 billion, which is the minimum investment required to be able to earn a slot at the Entertainment City.
The Entertainment City, where, aside from Bloomberry Resorts Corp., three other groups are putting up their own casinos, is seen as a big boost for the country’s gaming sector that aims to compete with other leaders in the region such as Macau and Singapore.