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Solaire Manila is a premiere integrated resort and gaming complex now under construction at a 8.3 hectares of reclaimed land leased from Philippine Amusement and Gaming Corporation ("PAGCOR") at PAGCOR's Entertainment City project located in Paranaque City. Bloomberry Resorts Corporation (Bloomberry) owns the Solaire Manila through Sureste Properties Inc. ("Sureste"), a 100% subsidiary of Bloomberry. Sureste owns the hotel component of the project. Sureste also owns 100% of Bloomberry Resorts and Hotels Inc. ("BRHI") which owns the casino component of the project, and is one of only 4 licensees granted by PAGCOR to develop and operate integrated tourism and gaming complexes at the Entertainment City Manila.
During the Solaire Manila groundbreaking ceremony in July 2010:
Parañaque City Mayor Florencio Bernabe, Jr. (center) joins Bloombury officials (Left to Right) Director Edgardo Abesamis, Director and President Jose Eduardo Alarilla, Chairman Enrique Razon, Jr., Chief Operating Officer Donato Almeda, Design Architect Paul Steelman and Director Christian Gonzales during the groundbreaking rites of the Solaire Manila Project of the Bloombury Investment Holdings, Inc., an 8.3 hectare world-class integrated resort complex at the Bagong Nayong Pilipino Entertainment City in the Bay Reclamation Area.
Phase 1 of Solaire Manila will consist of 27,700 square meter of gaming area, which will hold 1,200 slot machines, and 300 gaming tables. Phase 1 will have 500 hotel rooms, and F&B outlets including: 240 seat Chinese restaurant, 149 seat American steakhouse, 146 seat Japanese restaurant, 120 seat Italian restaurant, 250 seat international buffet/coffee shop, 176 seat noodle shop, and 216 seat food court and 66 seat lobby bar. It will have multilevel parking building with 3,000 parking slots, 1,000 seat grand ballroom, spa and fitness center, and bayview promenade. Construction of Phase 1 is expected to be completed in the 4th quarter of 2012 and Phase 1 is scheduled to open in the first quarter of 2013.
The design of Solaire Manila has taken full advantage of its excellent bayfront location, with the bay view promenade, pools, and VIP rooms/villas overlooking Manila Bay.
The gaming area is spread across two levels of the podium, and are segregated into mass market, high-limit, and VIP spaces with distinctive design themes catering to each segment.
Solaire Manila bird's eye view
The current completion date of the project is in line with the following time table below:
Solaire Manila has developed the following operational plan going forward:
Sureste and BRHI (the "Owners") have signed a Management Services Agreement ("MSA") with Global Gaming Philippines LLC. ("GGAM") for a 5 years plus 5 years term. GGAM shall provide management services through a Management Team nominated by GGAM and approved by the Owners (with some officers nominated by the Owners), and other department heads and officers and personnel who will report to the Chief Operating Officer.
GGAM will be compensated based on certain percentage (2%-6%) of the EBITDA generated by the Solaire Manila Facilities including the EBITDA generated by Local High Roller Table Games. There is also incentive fee which will entitle GGAM to an additional graduated fee (6%-40%) for achieving certain EBITDA thresholds with respect to the EBITDA generated by Foreign High Roller Tables and Foreign Junket Players for each fiscal year.
The 3 principals of GGAM: William P. Weidner (former president and COO of Las Vegas Sands), Bradley Stone (former president of Global Operations & Construction of Las Vegas Sands) and Garry W. Saunders (former COO of Melco Crown), have extensive experience in the construction, fit-out and operation of large scale and world class casino resorts.
Prime Metroline Transit Corporation ("PMTC"), the controlling stockholder of Bloomberry Resorts Corporation has agreed to grant GGAM an option to purchase 10% of PMTC's shareholdings in Bloomberry for a price equivalent to US$15 Million plus 10% of PMTC's cost of investment in the Solaire Manila Project, exercisable before start of Commercial Operation of Solaire Manila.
Solaire Manila has hired the following experienced professionals as part of its Management Team:
Solaire Manila has developed the following strategies to establish itself as a world class gaming facility in the Philippines:
Bloomberry's total outstanding shares is 9,291,840,556 shares with par value of P1.00 peso each. Total listed shares is 8,370,656,500 shares. These include the 8,270,656,500 new shares issued in connection with the increase in Bloomberry's authorized capital, the listing of which has been approved by the Philippine Stock Exchange and is effective today, April 4, 2012.
The public float in Bloomberry amounts to 820,000,000 shares or 8.8249% of the total outstanding shares. This is still short of the 10% public ownership requirement of the PSE. Bloomberry is committed to satisfy the 10% minimum pubic ownership before the end of this year 2012. The following are the various possibilities by which such required public ownership may be achieved by Bloomberry:
Any of, or a combination of, the foregoing transactions will allow the Company to satisfy the 10% public ownership requirement. The Company will make the appropriate disclosure once any, or a combination of the foregoing transactions are approved by the Board of Directors.
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