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.