Bloomberry Resorts Corp. – a Philippines-listed company, is about to establish a casino resort as well as an entertainment complex based in South Korea.
What made the company take up such a venture was executives’ willingness to expand their business and further consolidate company’s positions on the market.
What is more, they want to enter foreign gambling markets and start offering not only gambling but also entertainment facilities.
It is a well-known fact that South Korea relies on the development of the tourism sector in order to diversify its economy. Two new casinos are intended to open doors in the foreseeable future. Operators that will be awarded a license are to be selected really soon.
South Korean officials believe that the opening of the gambling market would be extremely beneficial to country’s coffers. The sum of $925 million is expected to be generated annually.
Bloomberry representatives were reluctant to provide detailed information related to the project. Yet, they informed the communities about the purchase of land in the Incheon Free Economic Zone.
Mere hours ago, Bloomberry officials signed four agreements for the acquisition of the land, situated west of Seoul.
During a short interview, given for a reputable media, the corporate secretary of Bloomberry, Silverio Benny Tan, said that they take the responsibility of considering every small detail so as to propose a project that would not violate any of the existing rules and regulations existing on the territory of South Korea.
Tan also added that the resort should welcome its first players and visitors sometime in 2020.
Those who keep themselves informed with the upcoming casino projects in Asia, have probably noticed that most casino resorts are to be a result of the joint efforts of two or more companies.
However, Bloomberry will not have a business partner for its South Korean casino resort.
Apparently, Bloomberry will face tough competition as South Korean gambling officials have already given the nod to two casinos that are also supposed to be established in Incheon two years earlier than Bloomberry’s casino resort.
Nevertheless, people with knowledge of the matter are convinced that the company will apply the best approach towards dealing with the rivalry.
They hurried up to remind that Bloomberry has proven that every project it takes up is a successful and profitable one.
For the time being, the company manages Solaire Korea Company Limited, Solaire Resort and Casino, Netherlands-based Bloom Capital B.V., Sureste Properties, Solaire Manila Resorts.
