Philippines integrated resort operator Bloomberry Resorts Corp has secured a loan to the value of Php40 billion (US$767 million) to fund the design, construction and development of its planned casino resort in Manila’s Quezon City.
The loan, described as an Omnibus Loan and Security Agreement, was signed by Bloomberry subsidiaries Sureste Properties Inc and Bloomberry Resorts and Hotels, Inc and is for a period of 10 years.
Lenders for the combined loan facility include Philippine National Bank, BDO Unibank, Inc., Metropolitan Bank & Trust Company, Union Bank of the Philippines, Bank of Commerce, China Banking Corporation and Robinsons Bank Corporation, with BDO Unibank, Inc Trust and Investments Group named as the security trustee, facility agent and paying agent.
Sureste Properties – the operating entity of Solaire Resort and Casino in Manila’s Entertainment City precinct – purchased the 1.57-hectare parcel of land for its Quezon City IR in 2015 for Php1.98 billion (US$38 million), with Bloomberry Chairman and CEO Enrique Razon Jr stating last year that construction was scheduled to begin in mid-2019.
He also revealed at the time that the Quezon City resort could boast the same total floor space for casino operations as Solaire despite the smaller land size, with the building expected to be more vertical.