Bloomberry secures refinancing loan for Solaire Resort North
It’s the second refinancing exercise completed by Bloomberry in the last four months.
The Philippines.- Bloomberry Resorts has announced that it has signed a PHP40bn (US$688m) syndicated refinancing facility with a group of banks to refinance an existing PHP40bn term loan facility obtained in February 2019 towards the construction of Solaire Resort North. It’s the second refinancing exercise the company has completed in the last four months.
Bloomberry said the new agreement is similar to the PHP72bn (US$1.24bn) facility it obtained in October. The new loan term is 10 years, ending in February 2035. Borrowers will make larger payments in the last three years. The interest rate is 75 basis points lower than the previous loan, and borrowers can lock in this rate within the next 12 months. According to the company, the terms will reduce debt payments in the coming years and allow Bloomberry to benefit from anticipated interest rate cuts.
Enrique K. Razon Jr., Bloomberry chairman and CEO, said, “Our recent refinancing activities optimise our cash flow by reducing annual interest and principal payments. The timely refinancing of our PHP40bn facility demonstrates our proactive financial management stance and our commitment to provide a consistent return of capital to our shareholders.”
The group of lenders comprises BDO Unibank, Inc., Bank of Commerce, Bank of the Philippine Islands, China Banking Corporation, Metropolitan Bank and Trust Co., Philippine National Bank, and Union Bank of the Philippines. BDO Capital & Investment Corporation served as lead arranger and sole bookrunner while BDO Unibank – Trust and Investments Group is the security trustee, facility agent, and paying agent.
Maybank lowers 2025 consolidated net revenue forecast for Bloomberry
Analysts at Maybank Investment Bank have lowered their full-year 2025 consolidated net revenue forecast for Bloomberry Resorts by 16.9 per cent to PHP50.1bn (US$857m). They said the adjustment was made due to a “challenged” business environment, especially at the Solaire Resort & Casino.
Analyst Raffy Mendoza also anticipated a net gaming revenue of PHP40.43bn this year, down 15.9 per cent from his previous estimate. According to him, factors that could influence earnings in 2025 include the declining contribution of gross gaming revenue (GGR) from casinos in Entertainment City, which is driven by a decrease in fly-in VIP gamers and fewer local Chinese players at mass tables.
Solaire Resort North opened in Quezon City last May. The US$1bn development features 526 rooms and suites. The casino has 2,669 electronic gaming machines and 163 tables across four levels.
