In the Philippines, the nation’s casino regulator has reportedly been forced to launch a second auction for the long-term lease of two parcels of land located next door to the Solaire Resort and Casino in Manila after receiving an insufficient amount of bids the first time around.
According to a report from GGRAsia, the state-run Philippine Amusement and Gaming Corporation had set a November 27 deadline for its first auction of a 38.7-acre plot alongside a much smaller section of just over 0.9 acres in the Entertainment City gaming and entertainment district but was forced to cancel after not obtaining the required two-bid minimum.
GGRAsia reported that the latest auction is due to finish on the afternoon of January 26 while its conditions remain mostly the same as those of its predecessor including a combined minimum asking price of approximately $739 million.
The regulator is reportedly also staying with its provision that the winning bidder must be a citizen of the Philippines or ‘otherwise authorized by law to acquire real property’ in the Asian nation. Should partnerships or corporations be interested, the Philippine Amusement and Gaming Corporation is to moreover purportedly require ‘Filipino citizens’ to own at least 60% of any successful joint enterprise.
The Philippine Amusement and Gaming Corporation is reportedly additionally keeping a provision that will see the parcels remain the ‘subject of a long-term lease’ agreed with Sureste Properties Incorporated, which is a subsidiary of Bloomberry Resorts Corporation and operates the Solaire Resort and Casino. However, it purportedly stated that this agreement may be ‘extendable for another term under certain conditions’ beyond its initial expiration date of July 11, 2033.
Finally, the second auction is to reportedly see Manila-listed Bloomberry Resorts Corporation maintain the right to match the highest complying bid for the parcels with the winning bidder only able to utilize the land in order to ‘develop and maintain’ existing offerings in Entertainment City and not for a ‘gaming facilities and business’.