Razon-led firm ups capital for casino venture
MANILA, Philippines - While the buzz on the casino and good governance worlds are on the controversial Manila investments of Japanese gambling tycoon Kazuo Okada, a Filipino group that is also investing in the same casino entertainment complex as Okada is continuing its corporate preparations.
Holding firm Active Alliance Inc., the recently acquired listed firm of the Enrique Razon Jr-led group, hiked its capital stock from P120 million to P15 billion to pave the way for a backdoor listing of the port businessman's hotel and casino venture.
On Wednesday, February 29, the Security and Exchange Commission also allowed the renaming of Active Alliance into Bloomberry Resorts Corp. after the listed firm changed its primary purpose from manufacturing to a holding company.
In a previous disclosure, Active Alliance had said it would actively pursue the hotel casino business at the Bagong Nayong Pilipino Entertainment City Manila through its subsidiaries, Sureste Properties Inc. and Bloomberry.
Sureste Properties owns the hotel project Razon is contructing at the entertainment complex at a reclaimed area in Manila Bay, while Bloomberry owns the casino project in the works.
Razon's Bloomberry and Okada's Universal Entertainmer were 2 of the 4 groups licensed to develop and build their facilities in the area. The others are the Sy family's Belle Corp. and Travellers International Hotel Group Inc., a joint venture between Alliance Global Group Inc. and Genting Hong Kong.
Razon's integrated entertainment resort complex, named Solaire Manila, will include a five-star 500-room hotel.
The first phase of constructing the 1-billion complex will be a 14-storey building set to be completed by the end of the year.
The firm's increased shares will be subscribed to by 4 companies, including Prime Metroline Transit Corp. PMTC is a major shareholder in Enrique Razon Jr.'s casino venture, Bloomberry Resorts Corp.
PMTC is subscribing to 9.21 billion shares in order to pay for the P5.87 billion acquisition of the complete outstanding capital stock of Sureste Properties Inc. - Rappler.com