Philippines

Global Gaming Asset Management (GGAM) has sold its full 8.7 percent stake in Bloomberry Resorts Corp., the operator of Solaire Resort & Casino in Manila, through a block trade, raising PHP7.42 billion ($166 million).  Trading in Bloomberry's shares was suspended after the sale, 

The Philippine Amusement and Gaming Corporation has relocated its Casino Filipino-Bacolod operations to L’Fisher Hotel in the Negros Occidental, in an upgrade of its facilities in the region. Pagcor had been operating a casino in the southern part of the city for more than 20 years. The company said Bacolod and Negros have tourism potential.

First Paramount Holdings President Alice Eduardo says she expects to finalize a deal soon with Japanese billionaire Kazuo Okada over a $2 billion gaming project. Under the accord, Century Properties and First Paramount will take a combined 60 percent stake in Eagle Land Holdings, a Philippine unit of Universal Entertainment Corp. Okada needed to bring in local partners to comply with Philippine laws on foreign ownership.

Pagcor President and Chief Operating Officer Jorge V. Sarmiento has admitted that competition from private casinos is hurting revenue, but says the former monopoly can compete. “Coming from being the monopoly in the gaming industry, we’ve been really affected. But we believe that we can still co-exist with these new players,” he said. As previously reported, Pagcor’s gross revenue in the first nine months was 5 percent below its target for the period.  Pagcor has also had to close casinos, including at the Heritage Hotel Manila.

Bodog offices in Manila were allegedly raided last week by police following allegations from three former employees that the company was running an illegal numbers game to Philippine nationals. The company denied the allegations. “Bodog are confident this issue will be resolved quickly with minimum disruption to customers and contrary to media reports all staff have been retained,” it said in a statement. The former head of Bodog Asia, Jan Robert Gustafsson, and other former executives are facing charges of embezzlement.

A mammoth integrated resort in Entertainment City, being built by Japanese billionaire Kazuo Okada, is on track to open in 2015, local media cited Tiger Resort, Leisure and Entertainment Inc. President Masahiro Terada as saying. 

PhilWeb Corp. said it will sell a 24.3-percent stake in telecommunication company ISM Communications Corp. for 1.50 pesos a share for a total of 698.4 million pesos ($16 million). The shares are being sold to Monfortino Holdings, a company led by businessman Eric Recto.

Travellers International Hotel Group said third-quarter net profit fell to 1.26 billion pesos ($28.9 million) from 1.68 billion a year ago. Net revenue was 6.99 billion pesos, down from 7.75 billion pesos a year ago. Total gaming revenue was 6.79 billion, down from 7.2 billion pesos, while revenue from hotels, food and beverages dropped to 443.6 million pesos, down from 704.3 million in the year ago quarter.

 

Philippine Amusement & Gaming Corp said its revenue in the nine-months to end-September was 30.8 billion pesos ($708 million), missing its target for the year of 32.48 billion pesos. Net income was 2.22 billion pesos, a fraction ahead of targets for 2.21 billion pesos.

 

Kazuo Okada’s Universal Entertainment has inked a deal to bring two local partners into the development of its Manila Bay Resorts complex at Pagcor Entertainment City, helping it abide by the country’s limits on foreign ownership. 

Under the deal, Century Properties Group and First Paramount Holdings 888 Inc. will co-own Eagle 1,  Landholdings Inc, a Philippine unit of Universal that owns the 44-hectare site. Universal said the deal will mean more than 60 percent of Eagle 1 will be owned by Philippine nationals.

 

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