Bloomberry Resort Corp. through its units obtained P73 billion in syndicated loans with seven banks to refinance obligations and fund investments.
Bloomberry said in a disclosure to the stock exchange Bloomberry Resorts & Hotels Inc. and Sureste Properties Inc. signed a P73-billion syndicated loan with BDO Unibank Inc., BDO Private Bank Inc., China Banking Corp., Philippine National Bank, PNB Savings Bank, Robinsons Bank Corp. and United Coconut Planters Bank.
BDO Capital & Investment Corp is the lead arranger and sole book runner, while China Bank Capital Corp. is the co-arranger.
“The loan refinanced all the existing loans of BRHI and SPI. Part of the proceeds will be used for investments and working capital requirements of BRHI,” Bloomberry said.
Bloomberry in January submitted an offer to acquire the 16-hectare property in Entertainment City, where Solaire Resort & Casino (Solaire) and its expansion area are located. The lot has a minimum bid price of P37.23 billion.
SPI submitted a bid to state-owned Philippine Amusement and Gaming Corp to purchase the property and an offer to acquire the land through a negotiated sale if the the bidding fails.
Pagcor conducted a second round of bidding on the property on Jan 26.
SPI holds a long-term lease on the property until July 11, 2033. The lease is extendable for another term under certain conditions.
Bloomberry reported a 161-percent increase in net income to P6 billion in 2017 on record gaming revenues.
Gross revenues in 2017 reached P48.26 billion, up 18 percent from P40.9 billion billion in 2016.
Solaire registered gross gaming revenues of P44.5 billion in 2017, the highest recorded since its opening in 2016.
Non-gaming revenues, meanwhile, surged 40 percent to a new all time-high P3.34 billion due to improvements in Solaire’s hotel, food and beverage and retail units.
Bloomberry ended 2017 with an EBITDA of P12.35 billion, up 17 percent from P10.6 billion a year ago.