Bloomberry Resorts Corporation

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.


Bloomberry seeks gov't approval to build cruise ship port

MANILA - Bloomberry Resorts Corp, which operates the Solaire mega casino, said Wednesday it sought government approval to build a cruise port in the capital.

The company owned by billionaire Enrique Razon issued the clarification to the stock exchange after the Tourism Infrastructure and Enterprise Zone Authority said Bloomberry unit Sureste Properties Inc would build a $308-million port facility in Paranaque City.

Bloomberry did not give details of its proposal, except that it had been submitted to the TIEZA and that it would require further approvals from the environment department.

"We will make the appropriate disclosure once the cruise port project hurdles those regulatory requirements and approvals," Bloomberry said in a disclosure.

According to TIEZA, the cruise port will take 10 years to build and will also include entertainment and recreation facilities. The first phase of the project will cost $82 million, it said.


Bloomberry eyes mid-2019 start for QC hotel, casino project

MANILA -- Bloomberry Resorts Corp. expects to develop its planned hotel and casino project in Quezon City next year, its second in the country, as it rides on the local tourism industry's growth.

“We are on track to develop our Quezon City property by early 2022, with construction set to begin in mid-2019. This is part of our strategy to capture the base mass segment in the north,” Bloomberry chairman and chief executive officer Enrique Razon Jr. said during the company’s stockholders’ meeting on Tuesday.

Razon said the planned high-rise hotel and casino project will be smaller than the Solaire Resorts and Casino.

“We are finalizing the design. We have our in-house designers, we have engineering consultants,” he later told reporters.

Razon said he sees tourism will continue to play a significant role in the growth of Philippine integrated resort, along with the rise in middle-class incomes and increasing connectivity across the region.

“Of significance to us in the integrated resort industry was the growth in tourism. Foreign visitation grew 18 percent to seven million largely on the back of improved relations with China,” he noted.

Razon cited data estimating that tourism contributed around USD300 million to the Philippine gaming sector’s mass-market gross gaming revenues in 2017.


Bloomberry unit gets green light to buy parent stocks for patrons

A unit of Philippine-listed casino operator Bloomberry Resorts Corp. (BRC) is buying more than 1 million shares of its parent company, which will be given as a reward to Solaire Resort and Casino’s loyal patrons.

Bloomberry unit gets green light to buy parent stocks for patronsIn a regulatory filing, Bloomberry Resorts and Hotel Inc. (BRHI) announced that its board members have approved the purchase of up to 1.5 million shares of BRC via at market price.

BRC is Filipino billionaire Enrique Razon’s holding firm which operates, through its subsidiaries, Solaire in Paranaque City and Jeju Sun Hotel and Casino on Jeju Island in South Korea. Other BRC subsidiaries include Sureste Solaire Korea Co. Ltd., Golden & Luxury Co., Ltd., and Muui Agricultural Corp.

A series of filings with the Philippine Stock Exchange showed that BRHI bought 50,000 BRC shares at P11.50 each ($0.22) and another 50,000 shares at P11.52 each ($0.22) on June 6.

The following day, BRHI bought 75,000 shares worth P11.30 each ($0.21) and 11,400 shares priced at P11.34 each (US$0.21). BRHI made the final purchases on June 8, buying some 150,000 BRC shares at P11.12 each; 70,000 shares at P11.16 each; and 80,000 shares at P11.18 each.

This is not the first time that BRHI bought BRC shares. In January, BRHI bought 2 million BRC shares to reward Solaire’s loyal patrons.


...akala ko ba nag-divest na sila sa Jeju?

Bloomberry’s 2nd quarter earnings slump on losses from Jeju hotel

EARNINGS of Bloomberry Resorts Corp. slumped by 17% in the second quarter of 2018, as the company incurred losses from its operations in South Korea coupled with foreign exchange losses.

In a regulatory filing, the listed casino operator said net income attributable to the parent slipped to P1.64 billion in the April to June period, lower than the P1.97 billion it generated in the same period a year ago. This despite a 7.7% rise in revenues to P10.6 billion.

Bloomberry attributed the lower bottomline to the P513 million net loss incurred by Jeju Sun Hotel & Casino, as well as P387 million in foreign exchange losses. Profit from the Solaire Resort & Casino in Entertainment City was also flat at P2.129 billion.

The Razon-led company said expenses went up by 14% during the quarter, counting gaming taxes, employee related expenses, outside services and charges, and additional interest expense from its new syndicated loan which was used to pay off previous debt facilities and to acquire Solaire’s expansion area in Entertainment City from the Philippine Amusement and Gaming Corp.

Gross gaming revenue (GGR) from the Solaire’s VIP segment dropped by a fourth to P4.67 billion in the quarter, as VIP hold rate likewise went down by 2.49% versus 3.61% in the previous quarter.

Mass table drops accelerated by 21% to P10.98 billion, while electronic gaming machine (EGM) coin-in jumped 19% to P53.2 billion during the period. The mass gaming segment helped offset the slowdown in the VIP unit, allowing Solaire to post a one percent year-on-year increase in consolidated GGR to P12.387 billion.

Meanwhile, non-gaming revenues picked up 15% to P908.6 million due to higher hotel occupancy rates, more shows at the Theatre at Solaire, and additional retail outlets at The Shoppes.

On a six-month basis, Bloomberry’s attributable profit gained by a third to P5.33 billion, against the P4.11 billion it exhibited in the first half of 2017. This came on the back of a 20% uptick in revenues to P22 billion.

Consolidated GGR climbed by 14% to P26.13 billion during the first semester, while non-gaming revenues also rose by 9.4% to P1.72 billion.

Bloomberry noted in a statement that the first-half result is the highest six-month net profit ever recorded by the company.

“We continue to make progress towards establishing a solid enterprise. Our fundamentals remain strong, and we look forward to a busy second half and end 2018 with robust full year results,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. was quoted as saying in a statement.


...earnings report

Mixed results for Entertainment City’s casino operators

OPERATORS of integrated resorts and casinos along Entertainment City reported mixed results for the third quarter of 2018.

Bloomberry Resorts Corp. — the operator of Solaire Resort and Casino — saw a 39% drop in attributable profit to P1.13 billion in the third quarter of 2018, due to lower VIP hold rates alongside higher interest expenses.

Third quarter revenues were flat at P9.81 billion, up by two percent year-on-year. The gaming segment accounted for bulk of revenues at P9.05 billion, while the food and beverage unit generated P494.24 million.

Gross gaming revenues (GGR) rose by 1.9% to P11.71 billion, as VIP hold rate stood at 1.91%, lower than the 2.83% seen in the same period a year ago. With this, revenues from the VIP segment slipped by 26% to P3.98 billion. The mass table tempered this decrease, after booking a 37.8% revenue uptick to P4.14 billion.

Its operations in Korea through Jeju Sun and Hotel Casino meanwhile grew its GGR by 28.1% to P193.5 million due to “an increased level of play in the VIP segment as a result of the highly competitive marketing programs of Jeju Sun.

On a nine-month basis, Bloomberry’s attributable profit went up by 8.45% to P6.47 billion, after revenues improved by 14% to P31.91 billion.
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