{"id":58389,"date":"2017-09-12T17:51:48","date_gmt":"2017-09-13T00:51:48","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=58389"},"modified":"2017-09-12T16:26:05","modified_gmt":"2017-09-12T23:26:05","slug":"billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/","title":{"rendered":"Philippine Billionaire Enrique Razon Jr. Sells $74.7M Slice of Bloomberry Resorts"},"content":{"rendered":"

In a shuffling of assets to prepare for his next phase of domestic development, Philippine billionaire Enrique Razon, Jr., has sold 3.18 percent of his stake in casino operator Bloomberry Resorts for PHP3.8 billion ($74.7 million).<\/p>\n

\"Enrique
Enrique Razon, Jr., the Philippines\u2019 third-richest person, said this week that the increased liquidity in Bloomberry stock arising from the share sale will be beneficial for the company. He did not outline what he plans to do with the cash raised. (Image: Veejay Villa\/Bloomberg)<\/figcaption><\/figure>\n

The Bloomberry chairman\u2019s holding company Prime Metroline Holdings, Inc., announced the sale in a filing to the Philippine Stock Exchange on Tuesday.<\/p>\n

With a controlling 65.58 percent stake in the company, Prime Metroline remains the largest shareholder of Bloomberry, which is the owner and operator of the Solaire Resort and Casino, Entertainment City\u2019s first integrated resort.<\/p>\n

\u201cI am very confident of the prospects for Bloomberry,\u201d he reassured investors on Tuesday in a press statement. \u201cI believe that the increased liquidity in the stock will be beneficial for investors and the company.\u201d<\/p><\/blockquote>\n

Charging Up Billionaires List<\/h2>\n

Prime Metroline did not state in the filing the reason for the sale, although Razon is understood to be contemplating building a new, smaller casino in northern Quezon City, in Metro Manila.<\/p>\n

His other main interest, International Container Terminal Services Inc, a global transportation company, is also eyeing expansion.<\/p>\n

The Philippine casino sector is thriving, and so, by extension, is Razon.<\/p>\n

\n

His stake in Bloomberry helped launch him into the third position on this year\u2019s Forbes<\/em> list of Filipino billionaires, published several weeks ago. That\u2019s up five spots from a year ago, as his estimated net worth jumped from $3.5 billion to $4.3 billion. \u00a0<\/strong><\/p>\n<\/div>\n

As Forbes<\/em> noted, an influx in Chinese tourism<\/a>, driven by improved relations between the Philippines and Beijing, aided Razon\u2019s leap in fortune.<\/p>\n

Since taking power in late 2015, Philippines President Rodrigo Duterte has pursued a policy of reconciliation between the two governments, which had previously been at loggerheads over disputed territories in the South China Sea.<\/p>\n

Solaire\u2019s Record Revenues<\/h2>\n

In its most recent earnings report, Bloomberry said net income soared by 47 percent to $38.62 million in Q2 2017 alone. Solaire hit an all-time high in slots and electronic gaming revenues, while also yielding record results in both the VIP and mass market table segments of their business.<\/p>\n

A Philippines tourism boom, along with Duterte\u2019s promise to invest heavily in infrastructure, has convinced Razon to expand domestically. He recently dropped a bid for a gaming license in Cyprus, and attempted to sell the Jeju Sun Resort in South Korea to junket operator Iao Kun Group, although the deal ultimately fell through.<\/p>\n

Quezon City has been chosen as the location for Bloomberry\u2019s planned second Philippine casino, which has an estimated cost of $418 million, because it has the largest population of the 17 jurisdictions that make up metro Manila.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a shuffling of assets to prepare for his next phase of domestic development, Philippine billionaire Enrique Razon, Jr., has sold 3.18 percent of his stake in casino operator Bloomberry Resorts for PHP3.8 billion ($74.7 million). The Bloomberry chairman\u2019s holding company Prime Metroline Holdings, Inc., announced the sale in a filing to the Philippine Stock […]<\/p>\n","protected":false},"author":42,"featured_media":58390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nBillionaire Enrique Razon, Jr., Sells $74.7M Slice of Bloomberry Resorts<\/title>\n<meta name=\"description\" content=\"The third richest man in the Philippines, Enrique Razon, Jr., sold 3.18 percent of Bloomberry Resorts on Monday as he eyes domestic casino expansion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaire Enrique Razon, Jr., Sells $74.7M Slice of Bloomberry Resorts\" \/>\n<meta property=\"og:description\" content=\"The third richest man in the Philippines, Enrique Razon, Jr., sold 3.18 percent of Bloomberry Resorts on Monday as he eyes domestic casino expansion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-13T00:51:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-09-12T23:26:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/razon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/\",\"url\":\"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/\",\"name\":\"Billionaire Enrique Razon, Jr., Sells $74.7M Slice of Bloomberry Resorts\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/razon.jpg\",\"datePublished\":\"2017-09-13T00:51:48+00:00\",\"dateModified\":\"2017-09-12T23:26:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"The third richest man in the Philippines, Enrique Razon, Jr., sold 3.18 percent of Bloomberry Resorts on Monday as he eyes domestic casino expansion.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/billionaire-enrique-razon-jr-sells-74-7m-slice-of-bloomberry-resorts\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/razon.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/razon.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Enrique Razon, Jr., the Philippines\u2019 third-richest person, said this week that the increased liquidity in Bloomberry stock arising from the share sale will be beneficial for the company. 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