Las Vegas-based casino operator to up stake in Bloomberry
MANILA, Philippines - Las Vegas-based Global Gaming Asset Management (GGAM) may increase its stake and become the second biggest shareholder in Razon-led Bloomberry Resorts Inc.
In a disclosure to the stock exchange on Monday, October 22, Bloomberry, one of the 4 groups granted the right to operate a casino and entertainment business at the up-and-coming Las Vegas-like complex in Pasay City, confirmed Gaming Asset's interest.
"The statement quoting Mr. Bradley Stone of GGAM, the management services provider of [Bloomberry's] Solaire Manila casino hotel project stating GGAM's "definite" intent to exercise its option to purchase shares in [Bloomberry] is accurate," the Razon-led firm said.
It added, however, that "as of today, Prime Metroline Holdings Inc. has not received from GGAM the notice of exercise of the option."
GGAM has an option to convert current stake in Bloomberg into a direct shares equivalent to about 8.7%.
This reportedly followed the recent highs reached by Bloomberry's stock price. The shares hit P13.20 last October 19, providing GGAM up to 87% discount if it proceeds with a conversion.
Bloomberry, led by the Philippines' 3rd richest, Enrique Razon Jr., has announced that its landmark Solaire Manila casino will be completed by 2013.
Solaire will be one of the 4 major establishments in the sprawling PAGCOR Entertainment City Manila, which is the Philippines' bet to the booming gambling market in Asia. - Rappler.com