Posted on 03/12/2013 2:47 PM ?|?Updated 03/12/2013 4:08 PM
BILLIONS FOR SOLAIRE. Bloomberry subsidiaries receive P14.3 billion loan. AFP Photo
MANILA, Philippines - The subsidiaries of Enrique Razon-led Bloomberry Resorts Corp. obtained a P14.3-billion loan to finance the expansion of its gaming complex Solaire Manila.
In a disclosure to the Philippine Stock Exchange on Tuesday, March 12, the company said units Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc. signed the loan deal with BDO Unibank Inc., China Banking Corp., and Philippine National Bank.
Proceeds of the loan will be used for phase one of Solaire Manila's expansion. This involves the development of 27,700 square meters of gaming area.
BDO Capital & Investment Corp. arranged the loan.
The $1.2-billion Solaire Manila Resorts project is one of 4 casino operations approved by state-run gaming regulator Pagcor in the Entertainment City in Manila. The hotel-casino complex will contain 500 rooms, with another 300 to be built over the next 3 years. Solaire Manila will open on Saturday, March 16. - Christian Bautista/Rappler.com
Source: http://www.rappler.com/business/23625-razon-group-gets-loan-to-expand-solaire-casino
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