Razon sells partial stake in Bloomberry

Bloomberry Resorts chair and controlling shareholder Enrique Razon has sold a portion of his stake in Philippines gaming operator Bloomberry Resorts Corporation for P3.8 billion ($74.5 million), local media reports.

In an overnight placement, Razon’s Prime Metroline Holdings sold 350 million shares at 10.85 pesos per share, representing a 3.18 percent stake in the company behind Solaire Resort & Casino.

Prime Metroline retains a controlling stake of 65.58 percent stake in Bloomberry.

"I am very confident of the prospects for Bloomberry. I believe that the increased liquidity in the stock will be beneficial for investors and the company,” said Razon on Tuesday.

In the second quarter of 2017, Bloomberry Resorts saw consolidated net profit increase 47.4 percent year-on-year to P1.96 billion (US$38.5 million), attributed to robust growth in its Philippines gaming operation.

Solaire reported record highs in mass table drop, VIP volume and slot coin-in during the quarter.

More news from this jurisdiction

PhilippinesTuesday, Nov 14, 2017

Bloomberry Resorts would see its debt levels rise and a reduction in return on invested capital in the short term if it buys the land on which its Solaire Resort & Casino is based, though longer term it may improve valuations, according to Morgan Stanley.

PhilippinesMonday, Nov 13, 2017

The owners of Resorts World Manila is planning to introduce the country’s first Ritz Carlton Hotel by redeveloping its Maxims Hotel, local media reports.

PhilippinesMonday, Nov 13, 2017

The Asian Poker Tour (APT) has announced it has signed a new three-year exclusive agreement to run its tournaments at Resorts World Manila.

PhilippinesSunday, Nov 12, 2017

The Philippine Amusement and Gaming Corporation (PAGCOR) is launching an auction for two parcels of land currently occupied by Bloomberry’s Solaire Resort and Casino.

PhilippinesSunday, Nov 12, 2017

Philippines-listed Travellers International, operator of Resorts World Manila, reported a loss of P407.9 million for the third quarter of 2017.

PhilippinesFriday, Nov 10, 2017

Bloomberry Resorts Corporation (BLOOM PM), owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino, posted record Q3 mass table drop and gross gambling revenue from electronic gaming machines, while VIP volumes slipped.

PhilippinesThursday, Nov 09, 2017

Universal Entertainment Corp has announced its plans to start operating its all-weather beach club, nightclub and space, Cove Manila, starting in December.