Pagcor could sell casino land

pagcor net income

Credits: ABS-CBN News.

Pagcor authorities have announced an auction for the Manila land where Solaire Resort and Casino stands.

Philippines.- Solaire Resort and Casino land is facing an auction soon by Philippines’ gaming governmental authority, Pagcor (Philippine Amusement and Gaming Corp). According to the official announcement, the auction will be set in order to sell two parcels of the land where the gaming salon stands.

The land is currently controlled by a lease agreement between Pagcor and Philippines-based Bloomberry Resorts Corp, which “shall be binding on the winning bidder”. “As such, the lessee’s security of tenure shall be respected and guaranteed,” states the agreement.

Furthermore, the lease agreement allows it to occupy the land, which is also contracted on behalf of Bloomberry unit Sureste Properties Inc, until July 2033 and “is extendible for another term under certain conditions”.

Pagcor revealed that minimum bid price for the combined plots is US$726.6 million, to be paid in cash. “The two parcels of land have a combined area of 160,359 square metres (1.73 million sq feet),” assures the document.

Meanwhile, the company announced further plans for the Philippine gaming market. Enrique Razon Jr., chairman of Bloomberry, confirmed that the company is moving forward with the plans to develop a hotel and casino in Quezon City, even if residents showed opposition to the initiative.