Bloomberry takes out P73.5 billion loan

Bloomberry Resorts Corp, operator of the Solaire Resort & Casino in Manila, announced on Wednesday that it has taken out a P73.5 billion (US$1.4 billion) loan from a syndicate of banks.

In a filing to the Philippine Stock Exchange, Bloomberry said the loan was used to refinance all existing loans of Bloomberry Resorts & Hotels Inc. (BRHI) and Sureste Properties Inc. (SPI), which are subsidiaries of Bloomberry Resorts Corporation.

Part of the proceeds will be used for investments and working capital requirements of BRHI.

The syndicate of banks includes BDO Unibank Inc., BDO Private Bank, Inc., China Banking Corporation, Philippine National Bank, PNB Savings Bank, Robinsons Bank Corporation and United Coconut Planters Bank.

Earlier this year, Bloomberry posted record highs in VIP volume, table drop, EGM coin-in and non-gaming revenues for the full year 2017, as well as record breaking EBITDA and net profits in the year.

Its flagship casino in Manila, saw gross gaming revenues growing 16 percent to P44.52 billion. Inclusive of a P407 million contribution from Jeju Sun in South Korea, the company’s gross gaming revenues grew 17 percent to P44.93 billion this year.

For the full-year, net profit came in at P6.06 billion, soaring 161 percent year-on-year due to an 81 percent increase in Solaire’s profitability to P6.26 billion and 82 percent reduction in net losses from its Korea operations to P207 million.

In late January, the company submitted a bid to purchase the 16 hectares of land where its Solaire Resort & Casino and its expansion area is located from the Philippine Amusement and Gaming Corporation.

The two plots of land total 160,359 sqm, with minimum floor price for the land set at P37.2 billion (US$738 million).

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