BLOOMBERRY Resorts Corp., the operator of Solaire Resorts and Casino, may put up a casino and hotel in its Quezon City property, which will commence construction by the middle of next year, billionaire Enrique Razon Jr. said.
Razon, Bloomberry chairman, said the company is in the middle of putting up the plan that will see a mixed-use development rise in the 1.5-hectare property in Ayala Land’s Vertis North development, which sits right across TriNoma Mall.
“We’re already working on it now,” Razon said, adding that the project “will have to go through the regulatory process.”
Bloomberry in October last year said it is acquiring the property from the National Housing Authority for P1.98 billion, or at P126,142 per square meter, using its unit Sureste Properties Inc.
Bloomberry said Sureste will develop the property into a mixed-use development, “in accordance with the Vertis North master plan, and subject to required regulatory and local government approvals.”
Razon said the project’s gaming component is tied to Bloomberry’s Solaire casino license, which allows for two separate gaming operations. The Vertis North will be more of the mass-gaming operation, Razon said. “There’s a market there that doesn’t have easy access to this [Solaire] area,” he said.
Solaire is one of the four big casinos in Entertainment City in Parañaque. Razon said part of the mixed-use concept would be a hotel component that will complement Ayala Land’s own hotel project called Seda.
A hotel is a major component before a casino is put up.
Bloomberry, meanwhile, remains optimistic on the prospects of the company for the year, as things are “looking OK.”
“Our experience with City of Dreams Manila is we still had higher revenue even after they opened so hopefully, the same thing happens,” Razon said.
Bloomberry’s outlook doesn’t change even with Kazuo Okada’s Tiger Resort is set to open its own gaming complex in the Entertainment City by the end of the year.
The company closed 2015 with losses of P3.38 billion, a reversal from a P4.07-billion profit the prior year.
Consolidated revenues were at P34.36 billion, up 7 percent from last year’s P31.11 billion.
The figure also includes a P998-million loss from Bloomberry’s Korea operation. Bloomberry operates the Jeju Sun Hotel and Casino in Jeju Island in South Korea.
Jeju Sun Hotel and Casino was acquired in May 2015 with the casino closed for nearly six months last year to make way for the extensive renovation and expansion of its casino gaming floor.
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I hope this project won’t add more volume to the monstrous traffic in EDSA. This might be the first largest casino hotel in Quezon City.