Bloomberry Resorts Corp. said it will develop an integrated resort and casino on a 280-hectare property in Ternate, Cavite.
The company clarified that the project would not rise in Puerto Azul as earlier reported. It said the project development would start after the opening of Solaire North in Quezon City.
Solaire North, Bloomberry’s second integrated resort and casino, is expected to start operations by the fourth quarter of 2023.
Bloomberry director for investor relations Jonas Isaac Ramos said in an investors’ briefing sponsored by the Philippine Stock Exchange that the company would pay a total of 7.5 billion for various lots comprising the 280-hectare property in Ternate.
“We still start probably major construction works after we open Solaire North next year. But that does not preclude us from doing surveys, studies, master planning, getting environmental compliance certificate and priming ourselves for major work to be done after Solaire North,” Ramos said.
Ramos said the company would still finalize the capital spending plan for the Cavite property.
Ramos said Solaire North was on track for opening in the fourth quarter of 2023. Under the plan, Solaire North will have 500 to 600 hotels rooms, 200 to 250 gaming tables and 2,000 to 3,000 slot machines.
“This property is envisioned to be mass-focused space. This will be at par, if not even better than Soliare in Entertainment City,” Ramosa said.
Meanwhile, Bloomberry executive vice president and chief financial officer Estela Tuason-Occena said the company was conducting due diligence on the planned investments in two casino properties of PH Resorts Group Holdings Inc. owned by businessman Dennis Uy.
“The completion of the planned acquisition is subject to satisfactory completion of our due diligence as well delivery of a number of conditions. So until then we have not really closed the transaction,” Tuason-Occena said.
Bloomberry said in May it signed a term sheet agreement with PH Resorts for the planned investment in Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City and in Clark Grand Leisure Corp., which is developing the Base Resort Hotel and Casino in Clark Freeport, Pampanga.