Magnum Leisure Holdings Inc. reached a deal to buy two casino resorts from Thunderbird Resorts Inc. for a net after-tax price of $26.5 million. The resorts, the Thunderbird Poro Point in San Fernando City and the Thunderbird Rizal in Binangonan, generated $160,000 in pre-tax profit in the first quarter, down 89.7 percent from a year earlier, while gaming revenues declined 5.6 percent to $10.8 million as the VIP hold rate dived to 9.6 percent from 30.7 percent.
The Rizal resort, which added capacity earlier this year, includes 228 table game seats, 447 slot machines and 41 hotel rooms while Poro Point has 186 table seats, 267 slots and 48 rooms. Magnum is an affiliate of local media company Solar Entertainment Corp. Solar and Frankfurt-listed Thunderbird had announced two years ago that they would form a joint venture to co-own the Philippine casinos into which Solar would inject $52 million for a 50 percent stake. But Panama-based Thunderbird said it had decided an outright sale was “the best decision to building shareholder value” and would now concentrate on its properties in Peru, Costa Rica and Nicaragua.