MANILA, Philippines – The country’s biggest casino operator eyes expansion in the region as it struck an agreement with several parties in South Korea that own a sizable property at Incheon Free Economic Zone (IFEZ).
Bloomberry Resorts Corporation disclosed with the Philippine Stock Exchange on Tuesday, January 27, that it signed 4 real estate agreements with several landowners owning a combined 12.2 hectare property within the IFEZ.
“(It) is intended to be developed into a leisure and tourism complex with entertainment facilities and mixed use developments,” Bloombery disclosed.
The company said it would acquire the property through its subsidiary, Solaire Korea Company Limited.
Its other subsidiaries include Solaire Resort and Casino operator Bloomberry Resorts and Hotels Incorporated, Netherlands-based Bloom Capital B.V., and Surestre Properties.
In 2014, Bloomberry hit jackpot when it earned P2.3 billion ($52.16 million) for the first half of the year, recovering from a net loss of P1.03 ($22.75 million) billion in the same period in 2013.
Its gaming brand Solaire Resort and Casino continues to be its biggest generator, accounting for 95.5% with the balance being accounted for by hotel, food and beverage, and retail.
It operates the $1.2-billion Solaire Manila Resorts at Manila’s bayside Entertainment City, a government project designed to compete with Las Vegas, Macau, and Singapore as a gaming hub.
Bloomberry is controlled by Enrique Razon – one of the country’s richest – who emphasized that it managed to book positive cash flows after firing Solaire’s American managers in 2013. – Rappler.com
(US$1 = P44.10)
Incheon, South Korea image from Wikipedia
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