The Philippine National Bank has become one of the lenders supporting Bloomberry in its bid to build a second Solaire casino resort
The Philippine National Bank (PNB) has extended a PHP11.5 billion (approx. $219.7 million) loan to gambling and hospitality company Bloomberry Resorts Corp., local newspaper The Philippine Star reports. Bloomberry will use the loan to partially fund the construction of its second Solaire-branded casino resort.
News about PNB extending a loan to the Philippine hotel and casino operator emerge shortly after Bloomberry confirmed that it has secured a PHP40 billion loan (approx. $767 million) to fund the development of an integrated resort in Quezon City. The property will be the first of its kind in the Northern Metro Manila region.
Bloomberry currently operates Solaire Resort & Casino. The $1.2 billion hotel and casino resort swung its doors open in 2013. It was the first of four integrated resorts approved to be developed within Entertainment City, a larger development project in the capital Manila spearheaded by the Philippine government that aims to enhance the nation’s tourism product and increase international visits.
Bloomberry is now looking to expand the Solaire brand with a casino resort in Quezon City. PNB revealed that it has signed an omnibus loan and security agreement with the company’s subsidiaries Bloomberry Resorts and Hotels Inc. and Sureste Properties Inc. The bank will thus co-finance 28.7% of the total allocation for the previously announced PHP40 billion loan syndication.
Construction Begins Later This Year
Now, as Bloomberry has secured financing for its new property, it will be looking to commence construction by mid-2019. The company targets 2022 opening of the hotel, casino, and entertainment complex.
The resort will be developed at Vertis North Complex in Quezon City. Bloomberry bought the site where the property will be located from the Philippine National Housing Authority in 2015. The new Solaire complex will cater to the mass market and will include a hotel, a casino floor, food and beverage as well as entertainment facilities.
Bloomberry has said previously that it would construct a high-rise building as the portion of land it purchased does not allow for a sprawling complex.
Commenting on PNB extending a loan to Bloomberry to build its new resort, the bank’s President and CEO, Jose Arnulfo Veloso, said that they are proud to be part of the scheme as it would be “a big boost to the country’s tourism business.” The executive went on that the new property would give rise to more revenues for Quezon City as well as “new job opportunities and improved personal income for employees”, which will translate “to a more robust economy” for the city and the Philippines, as a whole.
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