{"id":218410,"date":"2022-06-22T09:53:41","date_gmt":"2022-06-22T16:53:41","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=218410"},"modified":"2022-06-22T10:09:22","modified_gmt":"2022-06-22T17:09:22","slug":"bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/","title":{"rendered":"Bloomberry Resorts Chairman Razon Views Largest IPO in the Philippines for His Energy Arm"},"content":{"rendered":"

As Enrique Razon<\/a> continues to boost the Philippines’ casino industry, the country’s second-richest man is working to advance one of his other big endeavors. He wants to go public with Prime Infrastructure Capital, his infrastructure and holding firm, and is preparing for a planned initial public offering (IPO).<\/p>\n

\"Enrique
Enrique Razon, one of the richest people in the Philippines and chairman of Bloomberry Resorts. He also has a large energy company, which could soon launch in IPO. (Image: Forbes<\/em>)<\/figcaption><\/figure>\n

If Razon is successful, the Philippines could experience its largest initial public offering (IPO) this fiscal year. Prime Infrastructure intends to raise as much as PHP28 billion (US$515 million) through a sale of 1.93 billion shares, according to Reuters. This includes an over-allotment option at a maximum price of PHP14.60 (US$0.27) per share.<\/p>\n

The IPO prices in Philippine filings are usually higher than the final selling prices. As a result, there may be a reduction in the number of shares available before the IPO launches.<\/p>\n

Razon Eyes October IPO<\/h2>\n

If regulators approve the initiative, it will be able to target October as the offering period for listing on the Philippine Stock Exchange. This exchange has already seen seven listings this year.<\/p>\n

\n

The 62-year-old Razon has a net worth of $6.7 billion. He made his fortune through the casino-resort group Bloomberry, as well as the global port operator International Container Terminal Services.<\/p>\n<\/div>\n

This month, Razon reported that he had acquired a controlling stake in the South China Sea gas field from Dennis Uy. The latter is a fellow tycoon and supporter of former president Rodrigo Duterte<\/a>. Uy went on a selling spree following the last election, offloading a number of assets.<\/p>\n

In addition, Razon is purchasing a stake in Uy’s Clark Grand Leisure Corp. The company is in the process of constructing a property in Pampanga, but currently doesn’t have plans to include a casino. It returned its license last year. However, Razon could always push for a reinstatement.<\/strong><\/p>\n

Prime Infrastructure is currently building the largest solar power plant in the world. It will have a capacity of between 2,500 and 3,500 megawatts (MW) and a storage system that can store 4,000 to 4,500 megawatt-hours of energy. Based on data from the US trade group Solar Energy Industries Association, that means enough energy to power 656,000 homes.<\/p>\n

Bloomberry on the Rebound<\/h2>\n

At the beginning of the month, Bloomberry received a boost from industry analysts. After the company reported a better performance for the first quarter of the year, analysts at Morgan Stanley raised their earnings estimates.<\/p>\n

\n

Bloomberry could see its 2022 EBITDA (earnings before interest, taxes, depreciation and amortization) approach 71% of its 2019 performance by the end of the year. This implies a total of around PHP14 billion ($267.6 million).<\/p>\n<\/div>\n

This year is the first time that Bloomberry has turned a profit since the COVID-19 pandemic began. The company posted a net loss in the same quarter last fiscal year of PHP780.8 million (US$14.35 million). This followed a PHP1.3-billion (US$23.98 million) loss in the previous quarter.<\/p>\n

In February, the Philippines opened its borders<\/a> to vaccinated tourists. As a result, the country’s casinos received permission to reopen to full capacity, as the government relaxed its anti-COVID-19 measures.<\/strong><\/p>\n

Analysts at Morgan Stanley predict that Bloomberry will surpass its 2019 EBITDA by 2024. The projected earnings of the operator could exceed PHP25.2 billion ($481.5 million), which is 127% higher than its 2019 level.<\/p>\n","protected":false},"excerpt":{"rendered":"

As Enrique Razon continues to boost the Philippines’ casino industry, the country’s second-richest man is working to advance one of his other big endeavors. He wants to go public with Prime Infrastructure Capital, his infrastructure and holding firm, and is preparing for a planned initial public offering (IPO). If Razon is successful, the Philippines could […]<\/p>\n","protected":false},"author":64,"featured_media":218409,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\nBloomberry Resorts Chairman Razon Views Largest IPO in the Philippines for His Energy Arm - Casino.org<\/title>\n<meta name=\"description\" content=\"As Enrique Razon continues to boost the Philippines' casino industry, the country's second-richest man is working to advance one of his other big\" \/>\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\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bloomberry Resorts Chairman Razon Views Largest IPO in the Philippines for His Energy Arm - Casino.org\" \/>\n<meta property=\"og:description\" content=\"As Enrique Razon continues to boost the Philippines' casino industry, the country's second-richest man is working to advance one of his other big\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/\" \/>\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=\"2022-06-22T16:53:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-22T17:09:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/Enrique-Razon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erik Gibbs\" \/>\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=\"Erik Gibbs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/\",\"url\":\"https:\/\/www.casino.org\/news\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/\",\"name\":\"Bloomberry Resorts Chairman Razon Views Largest IPO in the Philippines for His Energy Arm - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/Enrique-Razon.jpg\",\"datePublished\":\"2022-06-22T16:53:41+00:00\",\"dateModified\":\"2022-06-22T17:09:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca\"},\"description\":\"As Enrique Razon continues to boost the Philippines' casino industry, the country's second-richest man is working to advance one of his other big\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/bloomberry-resorts-chairman-razon-views-largest-ipo-in-the-philippines-for-his-energy-arm\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/Enrique-Razon.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/Enrique-Razon.jpg\",\"width\":1200,\"height\":801,\"caption\":\"Enrique Razon, one of the richest people in the Philippines and chairman of, among others, Bloomberry Resorts. 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