Bloomberry Resorts Corp., through its shares in Prime Metroline Holdings Inc. (PMHI), sold on Friday 921.18 million shares to Global Gaming Philippines LLC (GGAM), the management services provider in Bloom’s Solaire Manila casino hotel project.

Regarding the exercise by GGAM of its option to purchase 921.18 million shares in Bloom’s shares from PMHI, Bloomberry said that the transaction closed on Friday and the said shares were crossed as well via special block sale at the Philippine Stock Exchange at a price of P1.67 a share.

In October, Bloomberry launched its $1-billion flagship project in Entertainment City, which will be called Solaire Resort and Casino.

According to Bloombery, the project will rise in an 8.3-hectare lot in Manila and scheduled to open on March 2013.

“Solaire, a luxury hotel and destination casino resort, will be the first integrated resort to open in the government-sponsored economic development zone known as Entertainment City,” Bloomberry said in a statement.

Bradley Stone, president of GGAM, the provider of management service for Solaire, said in a briefing that phase 1 will start in March 2013, while phase 2 will be built in 15 months to 18 months.

Bloomberry earlier said that Solaire is set to become the Philippines’ premier integrated resort destination, which is scheduled to open in the first quarter of next year. It will have a world-class casino encompassing 18,500 square meters featuring the most popular games and slot machines.

As the management service provider for Solaire, GGAM is composed of industry veterans with over three decades experience in global gaming development and operation.

Also on Friday, PMHI and GGAM entered into a participation agreement whereby the parties agreed to certain contractual arrangements such as participation rights in new issue of shares, tag-along and drag along rights and co-investment rights.

Bloomberry is a publicly listed company that develops destination resorts featuring premium accommodations, gaming, entertainment, and world-class restaurants and other amenities.