Bloomberry buying back millions of shares for stock incentive plan

Solaire operator Bloomberry Resorts has announced that it’s buying back a further 40 million shares as part of its Stock Incentive Plan. The stock buyback is in order to “cover the total number of shares granted to certain officers and employees” under the plan. The stock was purchased at PHP5.7 on August 6th, far below the 52-week high of PHP8.95, but still above the PHP5.4 price of the 52-week low. The Board of Directors of the company has increased the maximum number of shares for the buyback program to 350 million. The company has already repurchased PHP2.27 billion worth in shares, buying up 256.3 million shares.

Bloomberry Resorts posted an 18 percent decline in gross gaming revenue for 2Q21, with Solaire generating PHP5.7 billion in the quarter, despite having virtually no gaming operations in the first 44 days of 2Q21 due to quarantine restrictions. Since May 15th the property has been operating on an invite-only policy at limited capacity.

Company filing