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Jun 4, 2018 @ 17:59

Bloomberry unit fully pays P37.3B Solaire land acquisition

 

Sureste Properties Inc. (SPI), a subsidiary of casino operator Bloomberry Resorts Corp. of bilyonaryo Enrique K. Razon, has fully paid the P37.3 billion purchase price for two parcels of land where Solaire Resort and Casino stands.

In a stock exchange filing, Bloomberry said the payment was made to the Philippine Amusement and Gaming Corp.

SPI submitted the only proposal to acquire the land after two failed biddings by Pagcor and offered P37.33 billion, which is P100 million higher than the minimum bid price.

It is the owner and operator of the hotel and gaming facilities at Solaire.

In an earlier report, Morgan Stanley said the acquisition of the land would save Bloomberry P500 million on current land rental.

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