In the Philippines, the nation’s casino regulator has announced that it has begun accepting bids for the long-term lease of two parcels of land located next to the Solaire Resort and Casino in Manila’s Entertainment City gaming and entertainment district.
According to a recent auction announcement (pdf) from the Philippine Amusement and Gaming Corporation, interested firms are being asked to submit sealed bids for the plots before the afternoon of November 27 with the combined minimum asking prize set at approximately $726.6 million.
The state-run regulator declared that the two parcels consist of a 38.7-acre plot alongside a much smaller section of only just over 0.9 acres while the winning bidder must be a citizen of the Philippines or ‘otherwise authorized by law to acquire real property’ in the country. Should partnerships or corporations be interested in lodging an official submission, the Philippine Amusement and Gaming Corporation stated that ‘Filipino citizens’ will be required to own at least 60% of any successful joint enterprise.
The Philippine Amusement and Gaming Corporation further explained that the parcels are to remain the ‘subject of a long-term lease’ agreed with Sureste Properties Incorporated, which is a subsidiary of Manila-listed Bloomberry Resorts Corporation and operates the Solaire Resort and Casino, but may be ‘extendable for another term under certain conditions’ beyond the agreement’s initial expiration date of July 11, 2033.
Interestingly, the announcement moreover revealed that Bloomberry Resorts Corporation is to be given ‘a right to match the highest complying bid for the properties’ while the successful bidder will only be able to utilize the land to ‘develop and maintain’ existing offerings in Entertainment City.
“The winning bidder cannot use the property in any manner and for any purpose not consistent with the Philippine Amusement and Gaming Corporation’s Entertainment City project and must conform to applicable zoning regulations and restrictions,” read a statement from the regulator.
The Philippine Amusement and Gaming Corporation additionally proclaimed that the winning bidder will not be permitted to operate ‘gaming facilities and business’ and that there is to be no license for the running of a casino attached to the lease.
“The winning bidder of the property shall neither have right nor authority to operate a casino or any other gaming operation,” read the statement from the regulator. “This paragraph shall be inapplicable should [Bloomberry Resorts Corporation] be declared the highest bidder or is able to match the bona fide offer of the highest bidder.”