Solaire to give Bloomberry shares to loyal patrons

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(FILES) This file photo taken on March 14, 2013 shows employees of Solaire Manila Resorts and casino simulating a game during media day inside the casino in Manila. / AFP

A UNIT of Bloomberry Resorts Corp. (BRC) has bought P4.24 million worth of the company’s shares, which will be given as a reward for loyal patrons of Solaire Resorts and Casino.

In a disclosure to the stock exchange on Tuesday, BRC said the board of directors of its subsidiary Bloomberry Resorts & Hotels, Inc. (BRHI) has approved the purchase of up to two million shares in the listed firm through the stock market.

“These shares shall be given as a reward to Solaire’s loyal patrons and as part of Solaire’s marketing program,” the company said.

Following the approval, BRHI on Monday bought 50,000 shares at P11.04 each and 332,900 at P11.08 each, for a total of P4.24 million.

Shares in BRC gained eight centavos or 0.72% to close at P11.26 on Tuesday.

BRHI is one of BRC’s subsidiaries, along with Sureste Solaire Korea Co. Ltd., and its subsidiaries Golden & Luxury Co., Ltd., and Muui Agricultural Corp.

Incorporated in 1999, BRC was originally called Active Alliance, Inc. engaged in the manufacture and distribution of customer communication and electronic equipment inside the Subic Bay Freeport. The original firm stopped operations in 2011, and changed its corporate name to the present one in 2012, also transforming itself into a holding company.

BRC has established a presence in China, Macau, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Taiwan, and Japan through marketing efforts. Marketing offices, meanwhile, are located across Asia and Australia.

Bloomberry Resorts saw its net income attributable to the parent soar 271% in the first nine months of 2017 to P5.96 billion, against the P1.60 billion it generated in the same period in 2016. This follows a 27% uptick in revenues to P28.07 billion during the period, fueled by all-time high records in its gaming segments. — Arra B. Francia