MANILA Feb 28 Bloomberry Resorts Corp
, set to open part of its $1.2 billion casino and
resort complex in Manila next month, will join the Philippine
stock market's 30-company key index by March 11, the bourse said
Bloomberry, owned by port magnate Enrique Razon, will become
part of the benchmark PSEi, replacing property firm SM
Development Corp which is owned by the country's
richest man, Henry Sy.
The news sent Bloomberry shares up as much as 4 percent, in
contrast to a benchmark index that was up 0.4 percent.
The Philippine Stock Exchange regularly reviews and
changes the PSEi's composition based on the stocks' liquidity,
free float, and market capitalisation.
Bloomberry, which has a market value of $3.7 billion, will
open its Solair Manila Resorts and Casino on March 16. It is one
of four groups allowed by the Philippine government to build and
run casinos in a sprawling gaming complex near Manila Bay.
Bloomberry is partly owned by Global Gaming Asset
Management, which operates casinos in Las Vegas, Macau and
Shares in Bloomberry have gained more than 9 percent this
year, while the Philippine index has risen about 14 percent,
hitting record highs and ranking as the best performer in
Southeast Asia on optimism about the domestic economy.
(Reporting by Erik dela Cruz; Editing by Daniel Magnowski)