Investing Stocks in Philippines: Philippine Stock Exchange

Showing posts with label Philippine Stock Exchange. Show all posts

Friday, May 17, 2013

Stock News 2013: Property, gaming boost AGI profits in Q1

Casino logo (Photo credit: Wikipedia)

Alliance Global Group Inc. grew its first-quarter net profit by 18 percent year on year to P4.91 billion on higher earnings chalked up by its property development, gaming and beverage businesses.

Core net income attributable to AGI shareholders likewise increased by 21 percent to P3.58 billion from the level a year ago, the company disclosed to the Philippine Stock Exchange on Wednesday.

Property development arm Megaworld Corp. posted a 15-percent rise in first-quarter net profit to P1.8 billion. Megaworld contributed around 34 percent to AGI’s net income and about 26 percent to total revenue.

Leisure estate and gaming unit Travellers International Hotel Group—a partnership with the Genting group of Malaysia, which has made plans to go public—grew its first-quarter net profit by 16 percent year on year to P995 million. Travellers operates Resorts World Manila, the first integrated tourism estate in the country.

Emperador Distillers Inc. posted a 40-percent jump in first-quarter net profit to P1.4 billion.

Megaworld, Travellers and Emperador collectively contributed 84 percent of the conglomerate’s net profit.

“We believe the current macroeconomic conditions will contribute positively to our various businesses, from consumer and property to BPO and tourism—all growth drivers of the Philippine economy. These businesses will hit double-digit growth in revenues and net profits,” AGI chairman Tan said in a press statement.

Consolidated revenues went up by 25 percent to P30.39 billion in the first three months from the level a year ago.

Real estate arm Megaworld contributed around 34 percent to AGI’s net income and about 26 percent to its total revenue.

Megaworld’s three-month revenues stood at P8.1 billion, up 16 percent year on year. As an indicator of future growth, Megaworld and its subsidiaries also posted over P18 billion in reservation sales for the first quarter, higher than the P14 billion level in the same period last year, as the group reported brisk sales from the residential projects in its townships, particularly Newport City, McKinley West, McKinley Hill and Eastwood City.

Megaworld also cited strong leasing income from its BPO and retail portfolio.

http://business.inquirer.net/122247/metro-pacific-joins-msci-philippines-index-replaces-smc

http://pinoyfiq.com

Thursday, May 16, 2013

Stock News 2013: Metro Pacific joins MSCI Philippines index, replaces San Miguel

Deutsch: Logo Altes Pepsi Cola-Logo (Photo credit: Wikipedia)

Infrastructure holding firm Metro Pacific Investments has joined the closely tracked MSCI Philippines index, replacing conglomerate San Miguel Corp. effective May 31 this year.

MSCI also realigned the MSCI Global Small Cap Indices, with five new companies joining the index, all of which are not part of the main-share Philippine Stock Exchange index: D&L Industries, EEI Corp., Pepsi-Cola Products Philippines Corp., RFM Corp. and San Miguel Purefoods.

Deleted from the small cap index were GT Capital Holdings, Megaworld Corp., Puregold Price Club, Robinsons Land Corp. and Security Bank Corp.

Any adjustment in a country’s weight could be attributed to the dynamics of prices, number of shares, movement in prices and free float factor of component companies. A cap of foreign ownership also has an impact of reducing maximum amount of shares that investors can buy.

As such, whenever the level of foreign ownership gets too close to the threshhold such that it’s impossible to buy new shares, MCSI mitigates the effect by cutting the weight of that company in the index.

http://business.inquirer.net/122247/metro-pacific-joins-msci-philippines-index-replaces-smc

Thursday, May 2, 2013

Stock News 2013: Ayala Land to take over Boulevard’s landbank

English: Map of Batangas showing the location of Nasugbu (Photo credit: Wikipedia)

Property giant Ayala Land Inc. is expanding its beachfront landbank for leisure estate development south of Metro Manila through a property deal with Boulevard Holdings Inc., owner of the Puerto Azul complex in Cavite.

In a disclosure to the Philippine Stock Exchange on Friday, ALI said it had agreed to acquire certain landholding assets of BHI, subject to due diligence.

In a separate disclosure, BHI said the company’s board had authorized the company’s chair and chief executive officer Jose Marcel Panlilio to sign the terms of reference with respect to an arrangement to “sell to a prospective buyer/investor, an operating unit and/or assets of BHI, wholly or in part.”

A final agreement with the new investor is targeted for signing on or before May 10. Panlilio was authorized to execute other separate agreements relating to “other areas of cooperation” as soon as definitive agreements are reached, the BHI disclosure said.

Later in the day, ALI disclosed that it was the “investor” referred to by BHI but no other details were available.

Asked how many hectares of property were involved, ALI executive vice president Bobby Dy said: “We have to go through due diligence to finalize areas.”

BHI has long been scouting for a new investor to unlock values out of its vast seaside landbank. Biz Buzz reported last Monday that ALI was in discussions involving BHI’s landbank such as the 3,000-hectare Puerto Azul complex in Ternate, Cavite.

This deal with BHI is widely believed to be a strategic move for ALI, especially since rival SM group has already established its own beachfront leisure empire in the south with the 5,000-ha Hamilo Coast in neighboring Nasugbu, Batangas.

http://business.inquirer.net/118853/ayala-land-to-take-over-boulevards-beachfront-landbank

Tuesday, April 30, 2013

Stock News 2013: Del Monte eyes dual listing in Philippines, Singapore markets

Del Monte Fresh Produce Pineapple (Photo credit: Del Monte Fresh Produce)

Del Monte Pacific Ltd., controlled by condiments king Joselito D. Campos Jr., is planning a dual listing in the Singapore and Philippine stock markets.

This will make Del Monte the first local firm to be listed in both the Singapore Stock Exchange (SGX-ST) and Philippine Stock Exchange (PSE).

In a disclosure to SGX-ST, Del Monte said it submitted to the PSE and Securities and Exchange Commission an application for a listing by way of introduction.

“The proposed dual listing will provide the company with a platform to widen its investor base,” Del Monte said.

“In particular, it will enhance the company’s attractiveness to investors in the Philippines and to foreign investors interested in the Philippine stock market,” it added.

Listing by introduction allows a firm to join the PSE without having to sell shares to the public immediately.

Del Monte said being listed on both the SGX-ST and PSE will “enhance the profile and market visibility” that will result in greater liquidity.

Being a public company attracts coverage from brokerage firms, which provide valuations and recommendations to the investing public.

“The proposed dual listing will also allow the company to establish financing platforms in two different equity markets simultaneously,” Del Monte said, adding that extra channels and ready access to a wide pool of capital will fund future business growth.

Given its plan to list by way of introduction, Del Monte said it will not immediately issue new shares but there might be an offer of vendor shares depending on the market’s condition.

Vendor shares are stocks issued by a company in payment or in part payment for assets acquired from the vendor.

Aside from Del Monte, PSE-listed tuna and salmon processor Alliance Select Foods International Inc. is planning to conduct a dual listing in the Singapore and Philippine bourses.

Del Monte produces, markets and distributes food, beverages, and related products in the Asia-Pacific region and the Indian subcontinent, and has supply deals with Del Monte trademark owners and licensees around the world.

The NutriAsia Group of Campos owns a majority stake in Del Monte. NutriAsia leads the Philippine market for condiments, specialty sauces and cooking oil.

In 2012, sales of Del Monte climbed eight percent to a record $459.7 million while net profit jumped to $32.1 million.

http://www.philstar.com/business/2013/04/26/934907/del-monte-eyes-dual-listing-phl-spore-markets

Saturday, April 27, 2013

Stock News 2013: PSBank posts record net profit of P2B in Q1

Loans (Photo credit: zingbot)

Philippine Savings Bank, the thrift bank arm of the Metrobank group, generated a record-high net profit of P2 billion in the first quarter as hefty trading gains complemented core interest earnings.

The first quarter net profit was 273-percent higher than the level in the same period last year, the bank disclosed to the Philippine Stock Exchange on Monday.

PSBank grew its net interest income by 8.7 percent to P1.5 billion. Interest earnings from loans went up by 16 percent to P1.9 billion as the bank expanded its loan book by 23 percent to P77 billion. Strong consumer confidence and sustained economic growth continued to buoy demand for loans, the bank reported.

Auto lending rose by 28 percent compared to the previous year while mortgage lending expanded by 21 percent. The bank’s combined small and medium enterprise as well as large corporate loans likewise went up by 25 percent.

Meanwhile, the low-interest rate environment allowed PSbank to post large trading gains from its investments in government securities. Trading gains amounted to P3 billion from only P1.7 billion in the same period last year.

The bank also grew income from service charges and commissions by 13 percent year-on-year.

On the other hand, improvements in operating efficiency brought by automation kept operating expenses flat at P1.8 billion, the bank said.

“We are seeing traction in our strategy of improving sales coverage and operating efficiency as evidenced by the continued increase in market share for our key loan products, auto and mortgage. Given this loan increase, we are confident to exceed the original income target of the bank for the year,” said PSBank executive vice president Jose Vicente Alde.

While the bank boosted its earning assets, it kept good quality of earnings assets in its books. The ratio of net non-performing loans stood at only 0.4 percent. PSBank has also set aside P609 million as provisions for the first quarter, thus increasing loan coverage to 102 percent.

PSBank’s equity rose by 27 percent to P18.7 billion. This translated to a higher capital adequacy ratio to risk assets of 18.6 percent, well above the 10-percent minimum required level for local banks.

http://business.inquirer.net/117987/psbank-posts-record-net-profit-of-p2b-in-q1

Tuesday, April 23, 2013

Stock News 2013: SEC okays Asia United Bank listing on PSE

English: Phillippine stock market board (Photo credit: Wikipedia)

The Securities and Exchange Commission has approved a plan by the Rebisco group’s commercial banking arm Asia United Bank to debut on the Philippine Stock Exchange and sell as much as P9.68 billion in shares of stock.

AUB plans to sell up to 88 million primary common shares for as much as P110 per share. The base offer consists of 80 million shares while additional 8 million shares were set aside for overallotment.

This offering, which will take place on May 7 to 14, will bring to public hands around 30 percent of the bank’s post-IPO capitalization. IPO pricing will be finalized by May 3 while listing on the PSE is targeted on May 17.

UBS AG Kong Kong branch and Credit Suisse (Singapore) Ltd. have been mandated as the joint bookrunners and joint lead managers for this offering. Mandated as sole global coordinator is UBS AG.

AUB is owned by a diverse group of Asian investors engaged in property development, manufacturing, and other equity ventures. Rebisco, the Philippines’ leading manufacturer, distributor, and exporter of snack food products for the past 49 years, is the biggest shareholder of the bank.

In 2012, AUB posted a 20-percent growth in net profit to P1.36 billion attributed to robust trading and lending activities. The 15-year-old bank, which aspires to be a more significant player in the Philippine banking system, expanded its balance sheet last year by 27 percent to P63.35 billion while its capitalization went up by 25 percent to P11.5 billion. Capital adequacy ratio to risk assets stood at 15 percent versus the minimum requirement of 10 percent.

http://business.inquirer.net/118169/sec-okays-asia-united-bank-listing-on-local-bourse

Monday, April 15, 2013

Stock News 2013: Business Bank reports 1st Q profit of P593 M

Philippine Business Bank Logo (Photo credit: Wikipedia)

The newly listed Philippine Business Bank grew its first quarter net profit by 34.1 percent year-on-year to P593 million on strong contribution from its treasury business.

The thrift banking arm of businessman Alfredo Yao’s Zest-O group, which targets mostly small and medium enterprises, also expanded its loan book during the quarter by 42.93 percent year-on-year to P22.09 billion.

PBB’s total resources stood at P36.2 billion at end-March, up from P27.9 billion in the previous year, the bank disclosed to the Philippine Stock Exchange.

Liquid assets also rose to P11.1 billion from the previous year’s P9.68 billion. Overall earning assets expanded by 32 percent to P33.2 billion.

The bank also grew its deposit base by 19.4 percent to P26.32 billion year-on-year.

In terms of asset quality, the ratio of non-performing loans to total loans improved to 2.51 percent at end-March from 3.09 percent in the same period last year. Every peso of soured loan is aptly covered.

Capital adequacy ratio to risk assets remained high at 31.5 percent during the period.

http://business.inquirer.net/116567/business-bank-reports-1st-q-profit-of-p593-m

Thursday, March 21, 2013

Stock News 2013: PSEi rebounds after 8-day decline

Meralco's franchise area. (Photo credit: Wikipedia)

The local stock market found relief after an eight-day bloodbath on Thursday while investors across the region took heart from US Federal Reserve’s vow to maintain its easy monetary policy.

After pulling back by 6.5 percent since hitting successive record highs earlier this month, the Philippine Stock Exchange index clawed back 53.36 points or 0.83 percent to close at 6,472.98 on Thursday.

Fund managers said the decline in the last eight days was a good opportunity to allow investors to reenter the market after locking up gains from recent highs.

All counters bounced but the biggest rise was posted by the services (+2.31 percent) and mining/oil (+1.93 percent) counters.

Value turnover amounted to P9.5 billion. There were twice as many advancers (103) for every decliner (50).

Semirara Mining was an outperformer for the day (+7.09 percent) on reports its coal mining operation may resume operations by April.

http://business.inquirer.net/113477/psei-rebounds-after-8-day-decline

Saturday, March 16, 2013

Stock News 2013: Tan-Sia property firm ventures into Metro Manila

De La Salle University (Photo credit: Wikipedia)

DoubleDragon Properties Corp., a property venture of fast food magnates Tony Tan Caktiong and Edgar “Injap” Sia II, is breaking into Metro Manila’s competitive property market by bringing P1.52 billion worth of residential inventory in a skyscraper rising beside the De La Salle University in Taft Avenue.

W.H. Taft Residences, DoubleDragon’s first offering in Metro Manila, is a 30-story residential condominium that will have 562 “education-inspired” units, said Sia, who is the company chairman and CEO.

It will rise on a 1,200-square-meter lot right beside the main gate of DLSU and will have a back access to the campus.

This also boosts DoubleDragon’s visibility in the metropolis especially as the company plans to debut on the Philippine Stock Exchange soon. The initial public offering may happen by the third quarter of this year, Sia said.

Being a relatively new player in the property market especially in Metro Manila, Sia said DoubleDragon was picky on its projects and it preferred those that required shorter completion period. The company has committed to turn over to buyers residential units in W.H. Taft Residences by the fourth quarter of 2014.

“Other major property developers are also constructing in the area but the location of WH Taft Residences is far more superior, plus the completion date of WH Taft Residences is already next year, compared to the big players. The others are still in the substructure phase and turnover will be two to three years later,” Sia said in an e-mail.

Sia said 64 percent of this project was already taken up as of end-February. “We just relaunched it. We target to sell the remaining 36 percent, or 198 units, before the project is completed,” he said.

The residential units have floor areas ranging from 15.5 to 35 square meters. They sell for P98,000 and P100,000 per sqm.

The ground and second floors of the building will have commercial retail areas for lease.

DoubleDragon’s earlier projects and landholdings were in Iloilo and Roxas.

“DoubleDragon Properties will continue looking at acquiring existing projects or property companies that will accelerate its growth. It aims to create prime retail sites not just for the Jollibee Group brands (Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King) but also for other major anchor tenants,” Sia said.

http://business.inquirer.net/111565/tan-sia-property-firm-ventures-into-metro-manila-market

Sunday, March 10, 2013

Stock News 2013: SM Investments reports 2012 net income of P24.7 B

SM Investments Corporation (Photo credit: Wikipedia)

Henry Sy’s SM Investments Corp. boosted its net profit last year by 16.3 percent to P24.7 billion on a double-digit rise in earnings across its banking, retailing, shopping mall and residential development businesses.

Revenues increased by 12 percent to P223.9 billion while cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) went up by 24.2 percent to P54.9 billion, for an Ebitda margin of 24.5 percent, SMIC disclosed to the Philippine Stock Exchange on Wednesday.

This resulted in a return on equity of 14.3 percent for SMIC, the country’s most valuable conglomerate.

“SM’s strong full-year results were anchored not only on very favorable economic conditions, but also on the ability of our businesses to efficiently and effectively address the needs of our customers, who have grown increasingly more discerning,” SMIC president Harley Sy said in a press statement.

“Our performance during the year is testament to the hard work, focus, and dedication of the whole SM organization. With the positive economic outlook for 2013, we are confident of sustaining SM’s expansion and growth moving forward,” Sy said.

Banks accounted for the largest share of SM’s consolidated net income, contributing 34.4 percent of total. Retail operations accounted for 28.1 percent, followed by mall operations with 22.9 percent and property development, with 14.6 percent.

The group’s high-volume retailing business under SM Retail reported a net income of P6.6 billion last year, up by 12.5 percent. Net margin stood at 4.1 percent.

Retail sales rose by 7.6 percent to P159.5 billion, while Ebitda grew by 13.5 percent to P11.8 billion, for an Ebitda margin of 7.4 percent.

SM Retail expanded last year by a total of 34 stores, consisting of five department stores, four SM Supermarkets, seven SM Hypermarkets and 18 SaveMore stores. At the end of the year, SM Retail had a total of 202 stores, consisting of 46 department stores, 37 SM Supermarkets, 37 SM Hypermarkets, and 82 SaveMore stores.

http://business.inquirer.net/110939/sm-investments-reports-2012-net-income-of-p24-7-b

Saturday, March 9, 2013

Stock News 2013: Petron plans to raise more funds

Petron Corporation (Photo credit: Wikipedia)

Petron Corp., the country’s largest oil refiner and distributor, is set to issue dollar-denominated securities to raise additional funds, on top of the $500 million it raised in February this year.

In a disclosure to the Philippine Stock Exchange on Wednesday, Petron said it “expects to offer additional securities which, upon issuance, will be fungible and consolidated with the securities issued by the company on Feb. 6, 2013, to form a single series.”

Petron was able to raise $500 million from the sale of perpetual bonds. It priced the hybrid capital notes at 7.5 percent a year after a “well-received” road show in Asia and the United Kingdom.

To serve as joint bookrunners and lead managers for the new issuance will be HSBC, Deutsche Bank, Standard Chartered Bank and UBS.

In a text message, Petron chairman Ramon S. Ang said the proceeds from the issuance would be used for the company’s expansion program. He, however, did not indicate the amount the oil company was planning to raise from the reopening of the dollar securities.

For this year, Petron has earmarked P51.9 billion for its consolidated capital expenditures, as it moves to further strengthen its foothold in the local and Malaysian oil markets.

Of the planned capital spending, 72 percent, or P37.37 billion, would be allocated for the implementation of the Refinery Master Plan 2 (RMP-2), which is aimed at upgrading the oil firm’s 180,000-barrel-per-day refinery in Limay, Bataan.

Another 13 percent, or P6.75 billion, will be used for the company’s cogeneration power plant project, which will generate 140 megawatts by 2014.

The $500-million facility will serve the oil refinery’s current and expected future electricity and steam requirements and is expected to reduce the company’s refining costs.

http://business.inquirer.net/110991/petron-plans-to-raise-more-funds-via-securities-issuance

Tuesday, February 26, 2013

Stock News 2013: MVP, Gokongwei ink deal to bid for P17.5-B Mactan airport project

Photo of Manny (Photo credit: Wikipedia)

After their game-changing partnership in the telecommunications business, businessman Manuel V. Pangilinan and tycoon John Gokongwei have formed a new alliance to jointly bid for the P17.5-billion Mactan Cebu International Airport passenger terminal redevelopment project.

Pangilinan-led infrastructure holding firm Metro Pacific Investments Corp. and the Gokongwei-led JG Summit Holdings disclosed to the Philippine Stock Exchange on Monday the signing of an agreement to create a joint venture firm called MPIC-JGS Airport Consortium, Inc. This firm will be majority-owned by MPIC while JG Summit will own 33 percent. An airport operator partner will be given a 10 percent stake.

The consortium formed by two of the country’s largest conglomerates will bid for the rehabilitation and expansion of the Mactan-Cebu International Airport and will also explore other airport projects that may be rolled out by the government in the future.

MPIC and JG Summit, with a combined market capitalization of P398 billion, are pooling resources in what is expected to be stiff bidding to redevelop the Mactan-Cebu airport, the country’s second largest international gateway, under a public-private partnership (PPP) framework. The Ayala and Aboitiz conglomerates earlier teamed up for the project while another strong contender is San Miguel Corp., the lead operator of the Caticlan airport which is a gateway to Boracay Island.

“We are pleased to be partnering with JG Summit, one of the country’s diversified conglomerates pioneering in products and services that have become household names. The strong ties of the Gokongwei family in Cebu, through its ancestral roots and economic contribution in various real estate developments and retail businesses account for a deep sense of commitment to further improve Cebu’s business links to the rest of the world,” said MPIC chair Pangilinan.

MPIC’s experience as the leading infrastructure investment company transforming regulated businesses in water utilities, electricity distribution, toll roads and other public infrastructure projects combined with the expertise of JG Summit in the fields of commercial real estate, hotel and property development, and air transportation is seen creating a strong alliance in the government’s airport rehabilitation project.

Pangilinan added: “Integrating both our management expertise, corporate governance adherence and solid track record in developing large-scale infrastructure projects will strengthen the capabilities of the airport in responding to the needs of both passenger and airline customers. Achieving world-class status and modernization for our fast growing air transport sector will be better served as we join hands in the reforms that will contribute to the growth of the country’s economy.”

http://business.inquirer.net/109331/mvp-gokongwei-ink-deal-to-bid-for-p17-5-b-mactan-airport-project

Wednesday, February 20, 2013

Stock News 2013: Ayala-Rustan retail venture eyes 300 stores

FamilyMart (Photo credit: buck82)

Japanese retailing chain FamilyMart, a retail store chain brought to the Philippines by the Ayala and Rustans groups, plans to scale up its operations to hit 300 stores over the next five years.

For this first year of operations, the target would be to roll out 30 FamilyMart stores in Metro Manila, according to Ayala Land Inc. chief finance officer Jaime Ysmael.

Ysmael said the group would be open to franchising the brand to accelerate growth. At the same time, he said the group would put up stores in various formats.

Capital spending for each convenience store is estimated at P2 million. Since the retail space would mostly be rented, Ysmael said the cost would be for store fit-out and inventory.

ALI is debuting into the convenience store business under the FamilyMart brand, the world’s second-biggest convenience store operator, in partnership with the Rustans group and Japanese conglomerate Itochu.

ALI and the Rustans group, through their equally owned joint-venture firm SIAL CVS Retailers Inc., signed last November a deal with FamilyMart Co. Ltd. and Itochu Corp. for the development and operation of FamilyMart convenience stores in the Philippines.

The deal is seen heating up competition in the 24-hour retailing format, which has 7-Eleven and Mini-Stop chains as the leading players. Philippine Seven Corp., the local licensee and operator of the 7-Eleven stores, has 781 stores as of end-September while Mini-Stop, which is controlled by the Gokongwei group, operates more than 300 stores.

“The partnership, which combines ALI’s expertise in developing mixed-use developments and its retail partners’ proven track record in the business, will enable ALI to provide a retail format that will support its mixed-use communities and, at the same time, grow its recurring income portfolio,” ALI said in an earlier disclosure to the Philippine Stock Exchange.

On the equity structure of the business, SIAL will get the controlling 60-percent stake while FamilyMart and parent company Itochu will own 37 percent and 3 percent, respectively. Both FamilyMart and Itochu are listed on the Tokyo Stock Exchange.

FamilyMart has more than 20,000 stores in Japan, Taiwan, South Korea, Thailand, China, United States, Vietnam and Indonesia. Its biggest shareholder, Itochu, is one of the largest Japanese trading conglomerates whose businesses include food, logistics services, textile, machinery, and information and communications technology.

SIAL is 50-percent owned by ALI’s subsidiary Varejo Corp. and 50-percent by Specialty Investments Inc., a unit of upscale retailer Stores Specialists Inc. (SSI), one of the biggest specialty retail companies in the Philippines, with the exclusive rights to sell, distribute and market in the country a variety of brands from around the world.

http://business.inquirer.net/107837/ayala-rustan-retail-venture-eyes-300-stores

Sunday, February 10, 2013

Stock News 2013: $4B Manila mega-casino complex to open in March

English: Hotel / Casino New York-New York in Las Vegas. Français : L'hôtel-Casino New York-New York à Las Vegas, dans le Nevada. (Photo credit: Wikipedia)

A $4-billion mega-casino complex is set to open in Manila in mid-March when the first of four franchise-holders starts commercial operations, the parent firm said in a disclosure released Wednesday.

The $1.2-billion Solaire Manila Resorts is one of four gaming operations licensed to operate at Manila’s bayside Entertainment City, a government project designed to compete with Macau, Las Vegas and Singapore as a gaming hub.

Boasting 500 hotel rooms set in modern resorts, Solaire will open its doors on March 16, parent company Bloomberry Resorts Corp. said in a disclosure to the Philippine Stock Exchange.

“[We] confirm that [Bloomberry’s] Solaire Manila Resorts and Casino has collected the top former operating officers of world-renowned casinos in Las Vegas and other parts of the world,” it said in a letter to the exchange.

The Feb. 5 letter, released by the bourse Wednesday, said these personnel include around 400 Filipinos who have worked in gaming and hotels across the world.

Solaire plans to add 300 more hotel rooms after two years, said Bloomberry, a listed firm controlled by port tycoon Enrique Razon.

Two other franchise-holders—one involving Australian billionaire James Packer and Macau gaming tycoon Lawrence Ho as shareholders and another with Japanese gambling tycoon Kazuo Okada—are also building at the complex.

The 100-hectare (247-acre) Entertainment City, a project of the state-owned gaming regulator Philippine Amusement and Gaming Corp., required each of the franchise-holders to invest at least $1 billion.

A unit of global leisure and entertainment group Genting Hong Kong Ltd. is a key investor in the fourth franchise.

Bloomberry said it could not confirm a local news report that the entire Entertainment City project would generate annual revenues of at least $10 billion by 2017, putting it among the world’s gaming big leagues.

http://business.inquirer.net/106351/4b-manila-mega-casino-complex-to-open-in-march

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