Bloomberry Resorts Corporation, a listed developer of tourist facilities, casino entertainment, hotel and amusement-themed projects in the Philippines, has signed acquisition deals for an Island property, and a casino in South Korea.
Transaction details weren’t disclosed but Bloomberry assured the stock exchange that it will reveal the relevant information once agreements are complied with.
According to the document filed with the stock exchange Bloomberry has signed agreements with a group of shareholders of Golden & Luxury Co Ltd (G&L) and also entered into a real estate sales agreement for the purchase of the Silmi Island in the Republic of Korea.
G&L owns and operates T.H.E. Hotel & Vegas Casino in Jeju Island in South Korea.
Both island property and casino will be acquired by Bloomberry’s Korean subsidiary Solaire Co Ltd. The latter will acquire up to 92 per cent shareholdings in G&L.
According to Bloomberry, Silmi Island has an area of 20.96 hectares and is adjacent to the 12.2 hectares property in Muui Island. It is also within the coverage of the Incheon Free Economic Zone. This property is also intended to be developed into a leisure and tourism complex with entertainment facilities and mixed use developments.
Formerly Active Alliance Inc, Bloomberry got listed in the Philippine stock market in 1999 and was engaged in the manufacture and distribution of consumer communication and electronic equipment and operated within the Subic Bay Freeport Zone until 2003. In the same year, Bloomberry opened premium luxury integrated tourism-hotel and casino resort in the Philippines.
The corporation is part of the Bloomberry Group, along with Sureste Properties Inc, which oversees the hotel side of the business, and Bloomberry Resorts and Hotels Inc, which holds the Philippine Amusement and Gaming Corporation (PAGCOR) gaming license.
Bloomberry’s last traded price was at P10.64, up by 0.76 per cent or P0.080 to yesterday’s P10.56.