PAGCOR sells Solaire land to Bloomberry
Bloomberry Resorts has won a bid to acquire the twin lots where PAGCOR’s Solaire Resort & Casino stands.
Philippines.- The auction for the 16-hectare lot owned by the Philippine Amusement and Gaming Corporation (PAGCOR) was finally won by Bloomberry Resorts Corp, as disclosed by the company to the Philippine Stock Exchange. The winning bid, worth €595.3 million, awarded the company the land where the Solaire Resort & Casino stands.
The acquisition will be completed by Bloomberry-owned Sureste Properties Inc. (SPI), which accepted the notice of award from PAGCOR, within the next 45 days. SPI submitted the only proposal to acquire the land (after two failed biddings by the Philippine regulator) and offered €1.6 million above the floor price.
SPI will act as a mortgagor, pledger and surety, while Bloomberry Resorts & Hotel Inc. will serve as borrower and mortgagor, as the agreement signed with local banks stipulates.
After failing to draw interest following the launch of an auction for the land in November, PAGCOR tried again with a new auction last January. Only SPI submitted a bid, but due to the casino operator and regulator’s public bidding rules, the sale couldn’t be executed back then.
