Philippines casino to expand
In a disclosure to the Philippine Stock Exchange on Monday, Bloomberry said its subsidiary, Sureste Properties and the latter’s subsidiary Bloomberry Resorts and Hotels, raised the money through a corporate notes facility.
BRHI acted as the issuer of the corporate notes while Sureste guaranteed the debt notes.
Because corporate notes are issued to no more than 19 institutional investors, offering such notes is a faster way for top-tier corporations to raise fresh funds than a retail bond offering, which requires tedious securities registration process.
The banks that participated in BRHI’s corporate notes facility were BDO Unibank, BDO Leasing and Finance, BDO Private Bank, China Banking, Robinsons Bank and United Coconut Planters Bank.
Upon completion, this Phase 1-A expansion of Solaire will provide 200 additional slot machines, 65 gaming tables, a new 300-suite boutique hotel tower, additional restaurants, a retail promenade with over 20,000 square meters of leasable space, a performance theater with up to 1,800 seats, a nightclub and a parking facility with space for about 3,500 cars.
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