Our Company

The Parent Company was engaged in the manufacture of printed circuit board up to 2003. It ceased commercial operations in December 2003 up to 2011.  On February 27, 2012, the SEC approved the change in its primary purpose to that of a holding company.  The Company now has Sureste, BRHI, Bloom Capital B.V., Solaire de Argentina S.A., Solaire Korea Co., Ltd., G&L, Ltd. and Muui Agricultural Corporation as its subsidiaries.

 

Sureste Properties, Inc.

 

Sureste was incorporated in 1993 as a property holding company. On July 2, 2010, Sureste amended its primary purpose to develop and operate tourist facilities including hotel - casino entertainment complexes.  Sureste is registered with the Philippine Economic Zone Authority ("PEZA") as developer of a hotel project in a PEZA Tourism Economic Zone. As a result, Sureste enjoys certain incentives granted by the Government in relation to the hotel component of Solaire Resorts & Casino, including reduced tax rates. In 2011, in compliance with the requirements of PEZA, Sureste divested itself of all its non-hotel assets including its ownership in Monte Oro Resources and Energy Inc. (“MORE”) and various prime real estate properties. Sureste acquired all the shares of BRHI on January 12, 2011.

 

Bloomberry Resorts and Hotels Inc.

 

On February 27, 2008, BRHI was incorporated as Bloombury Investments Holdings Inc. ("BIHI") for the purpose of developing and operating tourist facilities, including casino-entertainment complexes with casino, hotel, retail and amusement areas and themed development components. On April 8, 2009, BRHI was granted a Provisional License by PAGCOR to establish and operate integrated casino, hotel and entertainment complex at the Entertainment City in Paranaque City.  On September 21, 2010, the SEC approved the change of BIHI's name to BRHI.  On May 7, 2015, BRHI’s Provisional License was replaced with a regular casino Gaming License upon full completion of the Project, referred to as “Solaire”.  The Gaming License has the same terms and conditions as the Provisional License.

 

Bloom Capital B.V.

 

In 2013, the Bloomberry subscribed to 60% of the capital stock of Bloom Capital B.V., a financial holding entity incorporated in the Netherlands as a private company with limited liability under the Dutch law on November 21, 2013.  On October 23, 2014, Bloomberry acquired the remaining 40% capital stock of Bloom Capital B.V.  In 2014, Bloom Capital B.V. acquired 94% shares in Solaire de Argentina S.A.

 

Solaire Korea Co., Ltd.

 

On December 28, 2014 Bloomberry established through a nominee a new company Solaire Korea Co., Ltd. (Solaire Korea) to hold the Group’s investment interest in the Republic of Korea.  After a series of stock subscriptions, Bloomberry now owns 100% of Solaire Korea.

 

Golden & Luxury Co., Ltd.

 

On April 24, 2015, Solaire Korea acquired 77.26% of the outstanding shares of Golden & Luxury Co., Ltd. (G&L).  Subsequently on May 22, 2015, it acquired additional 18.98% of G&L, bringing Solaire Korea’s ownership in G&L to 96.23%.  On August 20, 2015, Bloomberry acquired 10.00% of the outstanding shares of G&L from Solaire Korea.  G&L is a hotel and casino operator in Jeju Island in the Republic of Korea.

 

Muui Agricultural Corporation

 

On March 8, 2016, Solaire Korea established a new company Muui Agricultural Corporation (Muui) to hold Solaire Korea’s investment interest in agricultural land in Muui and Silmi pending its conversion. Solaire Korea owns 80% of Muui.

 

Solaire Resort & Casino

Solaire Resort & Casino (“Solaire”), is the first Philippine premium/luxury hotel and gaming resort in Entertainment City. BRHI, as the license holder, operates the casino while Sureste operates the hotel and other non-gaming business.

 

On March 16, 2013, the Group commenced commercial operations, upon completion of Phase 1 of Solaire, along with the opening of the main gaming area and initial non-gaming amenities, such as Solaire’s hotel, food and beverage outlets.

 

Phase 1 of Solaire consists of a casino with an aggregate gaming floor area of approximately 18,500 square meters (including approximately 6,000 square meters of exclusive VIP gaming areas), with approximately 1,653 slot machines, 295 gaming tables and 88 electronic table games. Phase 1 has 488 hotel rooms, suites and bayside villas, and 15 specialty restaurants and F&B outlets including (the number of seats are approximations): 240-seat Chinese restaurant, 182-seat Korean restaurant (operated by a third party), 150-seat Japanese restaurant, 120-seat Italian restaurant, 322-seat international buffet/coffee shop, 170-seat noodle shop, 150-seat live entertainment lounge and 406-seat food court and 20 seat lobby bar, and a 50-seat lounge area.  It has a multilevel parking building with approximately 1,500 parking slots, a grand ballroom with approximately 1,000 seats, spa and fitness center, and bayview promenade.

 

On November 22, 2014, Bloomberry opened the Sky Tower, which was previously referred to as Phase 1A development of Solaire.  Contiguous to the existing Solaire Resort and Casino, the Sky Tower consist of a 312 all-suite hotel, additional ten VIP gaming salons with 66 gaming tables and 230 slot machines, an exclusive House of Zhou Chinese restaurant and The Macallan Whisky and Cigar Bar for VIP gamers, state-of-the art meeting rooms (The Forum) and a lyrical theater (The Theatre).  The Sky Tower also features two restaurants, the Waterside Restobar and Oasis Garden Café.   The Theatre is a certified 1,760-seat theatre designed to provide a superior audio-visual experience for wide range of theatre plays and musicals, dance performances, concerts, and amplified music and speech events. The Forum is a 2,000 square meters of meeting facility with eight meeting rooms, two boardrooms and a column-free grand ballroom and a flexible pre-function area.  Sky Tower also features Sky Range Shooting Club with 5 rifle shooting bays and 15 pistol bays.  It is also accessible to a new multi-level parking garage that, to date, can accommodate and secure over 1,050 vehicles.  In 2016, retail stores, including premium brands such as Saint Laurent, Bvlgari, Salvatore Ferragamo and Givenchy, were opened in The Shoppes in the Sky Tower.  In January 2017, Louis Vuitton and Prada were opened.

 

Jeju Sun Hotel & Casino

 

On April 24, 2015 and subsequently on May 22, 2015, Bloomberry, through its wholly-owned subsidiary, Solaire Korea, acquired majority ownership of G&L.  G&L operated a hotel and casino property in Jeju, Korea under the brand names “T.H.E Hotel” and “LVegas Casino”.  Upon takeover of operation by Bloomberry, the property was redeveloped and rebranded as “Jeju Sun Hotel & Casino”.  The property consists of 202-room hotel with 5 Hibiscus rating, 2,000 square meters of gaming operation with 36 tables and 20 electronic gaming machines.  The property has four F&B outlets to service its hotel guests and casino players.  The casino operation of Jeju Sun was suspended on May 10, 2015 pending the completion of the renovation of the expanded gaming area of the property.  On September 15, 2015, Jeju Sun resumed its casino operations after it substantially completed the renovation of the gaming facilities. The casino operation was suspended on November 16, 2015 as administrative penalty for the acts of its previous casino management imposed by the Jeju Island gaming regulator CRD. This was the result of CRD’s investigation of the gaming tax (tourism tax) payment practices of the casino then known as “LVegas Casino” under its old management and owners.  On December 15, 2015, the casino resumed its operation with 60 tables and 51 slot machines in accordance with its gaming license.

 

On June 23, 2016, the Parent Company and Iao Kun Group Holding Company Limited jointly announced that their respective subsidiaries have signed an agreement on the sale by Solaire Korea of its 96.23% shareholdings in G&L subject to due diligence and government approval. On the agreed closing date, Iao Kun failed to raise the funding necessary to consummate the sale of Jeju Sun.  The Parent Company rejected Iao Kun’s request to extend the closing and payment date of the transaction.  Considering this development, the Parent Company decided to again operate Jeju Sun under normal course of business (due to the pending sale, the Parent Company had operated Jeju Sun in a maintenance mode for a few months).  In the third quarter, a major reorganization was implemented to address certain management issues.  The CEO, COO, CFO, SVP operations and other managerial level officers of G&L were replaced.

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