Philippines casino operator Bloomberry Resorts Corp plans to develop a 1.5-hectare property in Quezon City into a mixed-use development with a hotel and casino, local media reports.
Bloomberry chairman and chief executive Enrique Razon Jr. said the new development would be “similar to Solaire Resorts and Casino” in Manila’s Entertainment City.
“We will probably start developing that property next year. It will be a mixed-use development similar to Solaire with hotel and casino,” said Razon, quoted by Philippines’ The Standard.
Sureste Properties Inc., the hotel and resort development arm of Bloomberry Resorts Corporation purchased the plot of land measuring more than 15,000 square meters land in Quezon City, Philippines last year in October.
The 15,676 sq. m area valued at PHP1.98-billion ($43.2 million) was purchased from the National Housing Authority’s share in the joint venture between the NHA and Ayala Land, Inc. in the Vertis North project.
Union Gaming analysts said they were positive about the new development, “as the location represents an effectively unpenetrated geography of Manila, the development cost is likely to be significantly lower than the company’s USD1.2 billion Solaire, and the focus will be on the locals market.”
Philippines-listed Bloomberry Resorts Corporation reported an audited consolidated net loss of P3.4 billion (US$73.2 million) in 2015 compared to net profit of P4.1 billion in 2014.
However, Razon was optimistic about the year ahead. In January, Razon said in an interview with Bloomberg that the company’s prospects appear brighter as investments begin to bear fruit.
Bloomberry owns the Jeju Sun Hotel and Casino in South Korea, has been short-listed to bid for a casino in Cyprus this July, and also proposed to build an integrated casino in Argentina.