Bloomberry Resorts Corporation, the parent company behind Solaire Resort and Casino in Manila, the Philippines, has revealed that it will pursue a third property in the country. A new integrated resort is now being planned for the region south of Manila, in Cavite, which should enable the company to capitalize on the return of tourists in the region.
New Casino Gambling Resort Set to Arrive
This is a third and important project for Bloomberry Resorts Corp. as it signals the company’s readiness to seek further land-based investment in the sector. In a filing to the Philippine Stock Exchange this Thursday, the company confirmed that it would seek to purchase a total of 2,797,768 square meters of land in Paniman, Ternate. This is based in Cavite. Bloomberry Resorts is willing to pay as much as PHP2,700 ($51) per square meter.
The deal is estimated at roughly $144 million should it go through. To continue diversifying its offer, Bloomberry Resorts is also using a newly-incorporated subsidiary to take care of the land, named Solaire Entertainment Property Holdings Inc (SEPHI) as per the recent filing. Bloomberry though is intent on only buying cleared land and wants to begin developing its new integrated resort project as soon as possible.
The company is talking about a world-class casino that should feature a number of other amenities and attractions across the resort along with a hotel, commercial and residential area, and golf course.
Taking It One Project at a Time
Bloomberry’s Solaire is currently finalizing another project, the Solaire North in Quezon City. This is why any new developments will most likely have to wait until after this has been taken care of. This comes on the tail of similar news involving the company with Bloomberry confirming that it will seek to invest in Clark Grand Leisure Corp. and Lapulapu Leisure, Inc which are both subsidiaries of PH Travel and Leisure.
The company also operates properties in Jeju Island, South Korea, and is generally focused on continuing to develop the casino and tourist industry in the region.
