Solaire to save costs if it buys land
Bloomberry Resorts Corp. is expected to save about P450 million in annual rent expenses should it acquire the land where its Solaire Casino & Resort stands.
The Philippine Amusement and Gaming Corp is auctioning two parcels of land which comprise the current location of Solaire.
The minimum bid price for the properties which have a combined area of 160,000 square meters is P37.23 billion (US$726.6 million), to be paid in cash.
The properties are under a long-term lease by Bloomberry. Solaire’s lease expires on July 11, 2033 and is extendable for another term under certain conditions.
Bloomberry has the right to match the highest complying bid. The pre-bid conference has been scheduled on Nov. 22 while the bidding was set on Nov. 27.
” BLOOM is expected to save some P450 million in in annual rent expenses. BLOOM currently has P22 billion in its cash. On the other hand, if BLOOM fails to match the winning bid, BLOOM’s contract with the landholder is expected to remain in effect until at least 2033,” a leading local brokerage house said.