The first project that will open in Manila’s Entertainment City got a new partner last month when Global Gaming Asset Management announced it is taking the option to buy 9 percent of Bloomberry Resorts Corp., the owner and developer of the Solaire Manila casino hotel. Bloomberry is controlled by Philippine billionaire Enrique Razon Jr., while Global Gaming Asset consists of former Las Vegas Sands executives Bill Weidner, Brad Stone and Gary Saunders. Former City of Dreams executive Michael French is the property’s general manager. GGAM paid about million for 921.18 million shares in Bloomberry.
GGAM was brought on to build and manage the property with a five-year contract. The company will be paid 2 percent to 6 percent of the earnings before interest, taxes, depreciation and amortization (EBITDA) generated by Solaire Manila facilities, including local VIP table games. Another “incentive fee” will allow GGAM to be paid a graduated fee for achieving certain EBITDA thresholds for foreign VIP tables and junket players.
The $1.2 billion Solaire Manila is part of the Entertainment City project put together by the Philippine Amusement and Gaming Corp. Three other projects are currently under way, owned principally by Genting and Travellers, Belle Corp. and Melco Crown, and Japanese billionaire Kazuo Okada and Robinsons Land.