Bloomberry Resorts Corporation (the Company, BLOOM) was listed in the PSE since 2000 as Active Alliance Incorporated (AAI) until Prime Metroline Holdings, Inc. (PMHI) acquired 75% of AAI on January 26, 2012. In May 2012, BLOOM completed a placing and subscription transaction where the proceeds from the 1.1 billion shares private placement on the Company at P7.50 from institutional investors were also used to acquire more shares of BLOOM at P7.50.
On December 21, 2012, Global Gaming Asset Management, LLC acting through Global Gaming Philippines, LLC (GGAM), the management services provider in BLOOM’s Solaire Manila, acquired 8.70% interest in BLOOM through an equity option at P1.67 per share.
Below is BLOOM’s corporate structure:
*Sureste is wholly owned by BLOOM
On April 8, 2009, BRHI, a wholly owned subsidiary of Sureste, was granted Provisional License by PAGCOR to establish operate and integrate casino, hotel and entertainment complex in the Entertainment City Manila in Paranaque City. The Provisional License will be replaced with a regular casino gaming license upon full completion of BRHI’s project referred to as “Solaire Manila.”
Solaire Resorts & Casino, Manila (Solaire Manila) is envisioned to be a premium/luxury integrated tourism and casino development. The 8.3-hectare project is the first casino to operate within the Entertainment City with the opening of Phase 1 in March 2013. Phase 1 of Solaire Manila will have a casino with an aggregate gaming floor area of approximately 18,500 square meters, 500 hotel rooms, suites, bayside villas, and specialty restaurants.
Phase 1a of Solaire Manila is currently under construction. Phase 1a will provide additional gaming floor area, 300-room all suite boutique hotel tower, performance theatre, night club, and additional parking spaces.
Important regulatory requirements of the Provisional License:
- The Company is required to invest $1 billion for the project in Entertainment City.
- Minimum development standards required to operate:
a) The Company is required to invest at least $650 million of their $1 billion commitment.
b) The Company must construct a minimum of 800 hotel rooms/
c) The Company must have a minimum of 250,000 sq. m. gross floor area with the gaming component not to exceed 7.5% of the gross floor area.
d) The Company is required to have a minimum of 20,000 sq. m. retail spaces.
e) The Company should provide a thematic attraction worth at least $20 million.
Disclaimer: I do not claim to be an expert and nothing I say should be taken as a recommendation to buy or sell.