February 28, 2013 / 3:51 AM / in 5 years

Bloomberry joins Manila's key stock index ahead of casino debut

MANILA, Feb 28 (Reuters) - 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 on Thursday.

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 Singapore.

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)

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