In the Philippines, the operator behind the Solaire Resort and Casino has reportedly bought the long-term leases for two parcels of land located adjacent to the Manila integrated casino resort after agreeing to hand over approximately $717.2 million.
According to a report from GGRAsia, the compensation amount was around $1.6 million beyond the minimum threshold that had been set by the state-run Philippine Amusement and Gaming Corporation in a trio of earlier auctions and will see the Sureste Properties Incorporated subsidiary of Bloomberry Resorts Corporation control the lots until July of 2033.
The parcels reportedly consist of a 38.7-acre plot adjacent to the Solaire Resort and Casino as well as a much smaller nearby section of just over 0.9 acres. Bloomberry Resorts Corporation will now be able to utilize the land in order to ‘develop and maintain’ its existing offerings in Entertainment City although the Manila-listed firm is to be forbidden from opening any other ‘gaming facilities and business’.
“Sureste Properties Incorporated will complete the transaction, sign the deed of absolute sale and pay the balance of the purchase price within 45 days,” reportedly read a statement from Bloomberry Resorts Corporation.
GGRAsia reported that the Philippine Amusement and Gaming Corporation had attempted to auction off the parcels in November and January but did not receive the required minimum number of bids. These were followed by a third unsuccessful public sale earlier this month before Bloomberry Resorts Corporation broke the cycle by negotiating a direct purchase.
The Morgan Stanley investments and financial services firm reportedly declared in November that Bloomberry Resorts Corporation would benefit from acquiring the two parcels by placing is valuation on an equivalent standing as ‘peers who own their land’.