A wholly-owned unit of Bloomberry Resorts Corp. submitted a bid to purchase two parcels of land in the Entertainment City currently occupied by Solaire Resort & Casino.
The Philippine Amusement and Gaming Corp. launched an auction to sell these properties, which cover a combined 160,359 square meters, at a minimum bid price of P37.23 billion.
The land is currently being leased to Sureste Properties, the owner and operator of the hotel and non-gaming facilities in Solaire.
Sureste Properties also submitted to PAGCOR an offer to purchase the properties by negotiated sale, in the event the bidding will fail. The first bidding, held on Dec. 1, 2017, failed because no bidder showed up.
Under the terms of the auction, Sureste Properties has the right to match any bid to purchase the properties. The current lease contract is effective until July 11, 2033 ?and is extendable for another term under certain conditions.
The bidding terms also stipulate that the land must continue to be used ?exclusively for the purpose for which it was intended?.