Bloomberry Resorts Corporation Chairman and CEO Enrique K. Razon revealed that the gambling operator is to build a second casino venue in the Philippines. The new resort is to be built on a PHP1.9-billion property in Quezon City, known to be the country’s most populous city. Construction work is set to commence next year.
Last year, Bloomberry Resorts’ resort development subsidiary Sureste Properties Inc. purchased the 15,676-square-meter portion of land from the National Housing Authority.
Mr. Razon revealed that the new facility will be quite similar to Bloomberry Resorts’ Manila-located integrated resort – Solaire Resort & Casino. The venue was the first of its kind to open doors as part of the multi-billion Entertainment City, which is set to feature a total of four such integrated resorts and a number of other facilities.
As mentioned above, construction is likely to begin some time next year. Although Mr. Razon did not reveal much information about his company’s latest venture, he said that the resort would probably be a mixed-use one because they have not been imposed any height restrictions.
The new casino will be located in Vertis North in the Quezon City Central Business District and will be part of a major project for the area. The Vertis North plan is jointly developed by the National Housing Authority and Ayala Land Inc. The district will mostly feature commercial and office buildings as well as retail and residential properties.
The site Sureste Properties purchased was subject to a National Housing Authority bidding slated for August 7, 2015. The bidding process was, however, declared void as the Bloomberry Resorts subsidiary was the only bidder for the property. Another bid for the site was launched later that month, but also failed for the same reason.
Following the two failed biddings, Sureste Properties submitted an offer for the portion of land, which was accepted by the National Housing Authority. The Bloomberry Resorts subsidiary has already paid the initial PHP395.4-million down payment. The company has said that it would fund the acquisition with internally generated finances.
Apart from Solaire Resort & Casino, Bloomberry Resorts also operates a casino in South Korea, the company’s first foreign endeavor. The casino operator is also planning to expand its international operations by opening a gambling venue in Argentina.
