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.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Capacity expansion, Chinese exploration and concession extension are likely to lead to outperformance of Macau’s gaming stocks in the second half of this year after a sluggish start, according to analysis from Morgan Stanley.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.