n a disclosure to the stock exchange, Bloomberry said construction of phase 1 of Solaire Manila is expected to be completed by the fourth quarter of 2012.
Bloomberry, a property company led by ports magnate Enrique Razon, owns Solaire Manila through its subsidiary Sureste Properties.
Phase 1 of Solaire Manila will consist of 27,700 square meters of gaming area. The casino will have 1,200 slot machines and 300 gaming tables. It will have a hotel with 500 rooms, several restaurants, multilevel parking building with 3,000 parking slots, as well as a grand ballroom, spa and bayview promenade.
Bloomberry said Solaire Manila will provide a first-glass gaming experience to customers, from mass market to VIPs. The company aims to provide VIP gaming experience at par with international casinos.
Solaire Manila has hired former casino executives from Macau and Las Vegas to be part of its management team. Michael French a, former senior vice-president of City of Dreams Macau, was named chief operating officer. Xingyu (Ed) Chen, ex-financial controller of Wynn Resort Macau, was named chief financial officer.
Bloomberry and Sureste have also signed a management services agreement with Global Gaming Philippines, whose principals include William P. Weidner (former president of Las Vegas Sands), Bradley Stone (former president of global operations of Las Vegas Sands) and Garry W. Saunders (former COO of Melco Crown).
Meanwhile, Bloomberry said it is planning to comply with the Philippine Stock Exchange’s (PSE) minimum public float rule by the end of 2012. "Bloomberry [Resorts] is committed to satisfy the 10% minimum public ownership before the end of this year 2012," it said.
The company is mulling its options, ranging from share sales, private placements, a stock rights offering, or a stock incentive plan to boost its public float from the current level of 8.82%.
All listed firms are required to have a minimum public float level of 10% by January 1, 2013, or else face penalties, which may lead to delisting.