MANILA -- Bloomberry Resorts will reward its loyal patrons with shares in the Philippine casino company.
The resort operator on Tuesday said it had been authorized by management to buy up to 2 million shares at prevailing market prices. "These shares shall be given as a reward to Solaire's loyal patrons and as part of Solaire's marketing program," a statement says.
The company has already purchased 382,90 shares valued at 4.24 million pesos ($83,000).
Bloomberry runs Solaire, a pioneering integrated resort and casino in the Manila Bay entertainment district. The resort, however, has faced growing competition from upstarts City of Dreams Manila and Okada Manila. The two newer casinos offer gaming chips, electronic gadgets and high-end scooters as rewards.
Despite the competition, Bloomberry last year emerged as the Philippines' most profitable casino, dethroning Resorts World Manila, whose financial performance was hit by a deadly arson attack in June.
From January to September, Bloomberry made 5.91 billion pesos, almost four times more than it did in the same period of 2016. Its shares on Wednesday jumped 5.33% as Manila's benchmark index fell 0.88%.