Bloomberry units ink P40-B loan deal for Quezon City casino-resort - EcoFinBiz Blog

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Bloomberry units ink P40-B loan deal for Quezon City casino-resort


UNITS of Bloomberry Resorts Corp. have signed a P40-billion loan agreement with several banks to finance the company’s integrated resort and casino project in Quezon City.

In a disclosure to the stock exchange on Monday, the Razon-led firm said its units Sureste Properties, Inc. (SPI) and Bloomberry Resorts and Hotels, Inc. (BRHI) have signed an omnibus loan and security agreement for a 10-year combined loan facility.

The lenders include Philippine National Bank, BDO Unibank, Inc., Metropolitan Bank & Trust Company, Union Bank of the Philippines, Bank of Commerce, China Banking Corp., and Robinsons Bank Corp.

BDO Trust and Investments Group acted as the security trustee, facility agent, and paying agent for the loan, while BDO Capital & Investment Corp. was its lead arranger and sole bookrunner.

“The proceeds of the loan will be used by SPI and BRHI to partially finance the design, construction and development of an integrated hotel and gaming resort located at the Vertis North Complex in Quezon City, Metro Manila,” the company said.

Bloomberry earlier said it will start the construction of its integrated resort and casino project in Quezon City by the middle of 2019, with target completion by 2022.

The project will carry the Solaire Resorts and Casino brand, and will be the listed firm’s second in the country.

The first Solaire, located in Entertainment City, Parañaque City, opened in 2013. BRHI is the license holder and operates the casino, while Sureste operates the hotel and other non-gaming business.

For the January to September period last year, Bloomberry’s attributable profit went up by 8.45% to P6.47 billion, after revenues improved by 14% to P31.91 billion. — Arra B. Francia

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