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The Philippines-based casino company Bloomberry has secured a loan for the development of a new Solaire-branded casino resort in Quezon City. The loan is worth PHP40 billion (approx. $767 million). The company provided this information in its recent filing to the Philippine Stock Exchange.
The loan has been extended to two subsidiaries of Bloomberry: Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc. They have signed an omnibus loan and security agreement to obtain a 10-year combined loan facility with seven banks.
Bloomberry said Monday that the funds will be used by the two companies to partially fund the “design, construction, and development of an integrated hotel and gaming resort” at Vertis North Complex in Quezon City, Metro Manila.
Construction of the integrated resort is expected to commence in mid-2019. The property will occupy a 1.5-hectare site within Vertis North which Bloomberry acquired from the Philippine National Housing Authority back in 2015. The new property is anticipated to open doors in 2021 or 2022.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Bloomberry obtains funds to start casino in Quezon City
