State regulator Philippine Amusement and Gaming Corporation (PAGCOR) is bidding out two parcels of land in Manila’s Entertainment City in Solaire Resort and Casino area.

PAGCOR announced on its official website on Wednesday that it is auctioning the two lots that have a combined area of 160,359 square meters (1.73 million sq feet). The starting bidding price for the twin plots is PHP37.23 billion (US$726.6 million), to be paid in cash.

The state-run firm has given Solaire operator Bloomberry Resorts Corp. – through its unit Sureste Properties Inc. – the right to match “ the highest complying bid for the properties” since the casino operator has the leasehold rights.

Solaire’s lease is up to July 11, 2033 and is extendible for another term under certain conditions.