Bloomberry Resorts Corp. said Monday two units obtained a P40-billion loan to fund a casino project at Vertis North Complex in Quezon City.
Bloomberry said in a disclosure to the stock exchange Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc. signed an omnibus loan and security agreement for a 10-year combined loan facility involving P40 billion with seven banks.
“The proceeds of the loan will be used by SPI and BRHI to partially finance the design, construction and development of an integrated hotel and gaming resort located at Vertis North Complex in Quezon City, Metro Manila,” Bloomberry said.
The lenders were Philippine National Bank, BDO Unibank Inc., Metropolitan Bank & Trust Company, Union Bank of the Philippines, Bank of Commerce, China Banking Corp. and Robinsons Bank Corp.
BDO Capital & Investment Corp. acted as the lead arranger and sole book runner for the transaction.
Bloomberry earlier said it would start constructing its second integrated resort and casino project by mid-2019.
The planned mixed-use development with hotel and casino will sit on a 1.5-hectare property within the 45-hectare Vertis North that Bloomberry acquired from the National Housing Authority in 2014.
Bloomberry’s Quezon City operation will cater to the growing mass market in the north.
Led by billionaire and port executive Enrique Razon Jr., Bloomberry operates the $1.2-billion Solaire Resort & Casino, the first integrated destination resort to open in Entertainment City.
The complex, which opened in 2012, includes a five-star hotel with a total of 800 guest rooms, suites and villas, as well as retail, dining and gaming areas.
Bloomberry also owns and operates Jeju Sun Hotel in South Korea.
The share price of Bloomberry went down 0.50 percent Monday to close at P12.