In the Philippines, the Bloomberry Resorts and Hotels Incorporated subsidiary of casino operator Bloomberry Resorts Corporation has reportedly spent approximately $82,468 in order to purchase shares in its parent that it subsequently intends to award to ‘loyal patrons’ of its Solaire Resort and Casino.
According to a report from the Manila Bulletin newspaper, the subordinate acquired some 382,900 shares in Manila-listed Bloomberry Resorts Corporation, which also holds a majority stake in the firm behind South Korea’s Jeju Sun Hotel and Casino, after receiving consent from its parent’s board of directors.
“These shares shall be given as a reward to Solaire [Resort and Casino’s] loyal patrons and as part of Solaire [Resorts and Casino’s] marketing program,” reportedly read a statement from Bloomberry Resorts Corporation.
The newspaper additionally reported that the first nine months of 2017 saw Bloomberry Resorts Corporation realize an over 275% increase year-on-year in its unaudited consolidated profit to just over $116.1 million. The firm purportedly attributed this success to the record performance of its Solaire Resort and Casino and the first positive earnings before interest, tax, depreciation and amortization from its Jeju Sun Hotel and Casino since the venue was acquired in 2015.
“We continue to grow across all sectors and hope to see this uptrend continue until the end of the year,” reportedly read a statement from Enrique Razon, Chairman and majority shareholder for Bloomberry Resorts Corporation. “Our top line and bottom lines are positive and, despite some minor hiccups, I am confident that 2017 will be a banner year.”