Bloomberry Resorts Corp plans to build a third casino resort on the Philippines’ main island, Luzon.
Philippines.- Bloomberry Resorts Corp has announced plans to develop a new integrated resort in Cavite, about 41 miles south of Metro Manila, on the Philippines’ main island of Luzon. The location will be in the coastal community of Paniman.
Bloomberry, the parent company of Manila’s Solaire Resort and Casino, reported in a filing with the Philippine Stock Exchange that it has entered into an agreement with a group of landowners to purchase 2,797,768 square meters of land at an average of PHP7.55bn (US$144.3m) per square metre.
Meanwhile, Solaire Entertainment Property Holdings Inc (SEPHI) intends to acquire just under 2.80 million square metres (81.31-million sq feet). Bloomberry said SEPHI will buy only titled and cleared land. Bloomberry said it intends to develop an integrated resort and entertainment complex with a “world class casino, hotel, golf course, commercial, residential and mixed-use development.”
The firm added that the Paniman Project is expected to commence after the Solaire North in Vertis, Quezon City has started commercial operations. Bloomberry Resorts’ chairman and chief executive, Enrique Razon told the company’s annual meeting for stockholders on April 21 that Solaire North, to the northeast of Manila, remains on track to open in 2023.
Bloomberry’s board approves amendment to stock incentive plan
Bloomberry Resorts Corp has reported that amendments to the company’s stock incentive plan for directors, officers, and employees (SIP) have been approved by the board. Eligible participants have been amended to exclude directors provided that directors who are officers or who are given executive functions are not disqualified to receive SIP shares as an executive.
Bloomberry said its stock incentive program is designed to give employees a direct share of company value to incentivise employees and other stakeholders to be more productive and remain in the group. The programme has been extended for 10 years from May 24, 2022.