Bloomberry Taps GGAM For Casino

MANILA, Philippines - Bloomberry Resorts Corporation, through its hotel and gaming subsidiaries, have signed a management services agreement with Global Gaming Philippines LLC (GGAM) for a five years plus five years term.

The firm's wholly owned unit Sureste Properties Inc. owns the hotel component of the $1 billion Solaire Manila project in the PAGCOR Entertainment City while Sureste's 100 percent subsidiary Bloomberry Resorts and Hotels Inc. owns the casino component.

Under the agreement, GGAM will provide management services through a management team nominated by GGAM and approved by Bloomberry as well as other department heads and officers and personnel.

GGAM will be compensated based on certain percentage (2-6 percent) of the EBITDA generated by the Solaire Manila facilities including the EBITDA generated by local high roller table games.

There is also an incentive fee which will entitle GGAM to an additional graduated fee (6-40 percent) for achieving certain EBITDA thresholds with respect to the EBITDA generated by foreign high roller tables and foreign juncket players for each fiscal year.

The three principals of GGAM are William Weidner (former president of Las Vegas Sands), Bradley Stone (former president of Global Operations and Construction of Las Vegas Sands), and Garry Saunders (former chief operating officer of Melco Crown).

Bloomberry said the three have extensive experience in the construction, fit-out and operation of large scale and world class casino resorts.

Prime Metroline Transit Corporation, the controlling shareholder of Bloomberry, has agreend to grant GGAM an option to buy 10 percent of PMTC's shareholdings in Bloomberry for $15 million plus 10 percent of PMTC's cost of investment in the Solaire Manila project, exercisable before start of commercial operations of Solaire Manila.

As part of its strategy, Bloomberry intends to leverage on GGAM's direct customer relationships as well as existing relationships with regional junket operators.

It will also leverage GGAM's global network to identify new gaming trends. It will ensure Solaire Manila has current and relevant gaming facilities to offer a globally comparable experience.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • The other side of Palawan Ellen Tordesillas, Contributor - The Inbox
    The other side of Palawan

    By Ellen T. Tordesillas Mention Palawan and what comes to mind are  Underground River and El Nido in the northern side of this richly-blessed province from its capital, Puerto Princesa. Three  weeks ago, we went to the southern side- in … Continue reading → …

  • What can void a new car warranty? James Deakin - Wheel Power
    What can void a new car warranty?

    "I was denied warranty once for changing my horn!" One very annoyed reader wrote. "I was told that placing a backup camera will void my warranty" said another. The others are best left in my private inbox as Yahoo! have a swear jar in the office that I do not feel like donating this week's pay to. Continue reading → …

  • Docu exposes destruction of PH marine resources VERA Files - The Inbox
    Docu exposes destruction of PH marine resources

    By Kiersnerr Gerwin Tacadena, VERA Files "Gutom (hunger)," Sen. Loren Legarda said is what’s in store for the Filipino people if destruction of the country's marine resources is not stopped. Legarda, chair of the Senate committee on Environment and Natural … Continue reading → …

POLL
Loading...
Poll Choice Options