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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Global Gaming Asset Management acquires stake in Bloomberry Resorts

2 January 2013

Global Gaming Asset Management LLC expects to complete its acquisition of a 9 percent stake in Bloomberry Resorts Corp., owner and developer of the Solaire Manila - Philippines Casino & Resort, making it the second-largest shareholder in the casino project.

Bloomberry Resorts said Global Gaming Philippines LLC, a Manila-based firm of the Las Vegas-based gaming company, had exercised its option to buy 921.18 million shares from Metroline Holdings for about $15 million or 10 percent of the cost of the casino investment.

Bloomberry has signed a five-year management contract with Global Gaming Asset Management. Global Gaming Asset Management wanted to exercise its option before it $1.2 billion Solaire Manila opens in March, Bloomberry officials said.