Philippine re-IPO

Philippine casino play launches re-IPO of up to $227 million

Bloomberry Resorts is offering investors a first chance to buy into the Solaire Manila casino resort, which is due to open in the first quarter of 2013.

Bloomberry Resorts Corp, which is due to become the first company to open an integrated casino resort in Manila’s new Entertainment City gaming hub, yesterday kicked off a fully marketed top-up placement of between Ps7.7 billion and Ps9.7 billion $180 million to $227 million.

The company, which is controlled by Philippine businessman Enrique Razon, obtained a backdoor listing on the Philippine Stock Exchange late last year following a reverse takeover of Active Alliance, a former manufacturer of printed circuit boards that at the time of the takeover was essentially a listed shell company. The name was changed to Bloomberry in February this year.

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