Bloomberry Resorts Corp. plans to start developing a hotel and casino project in Quezon City early next year, or after the informal settlers on the site are relocated.
Bloomberry chairman Enrique Razon Jr. said in an interview the company was hoping to start developing the project on a 1.56-hectare property within Vertis North complex in Quezon City this year.
He said informal settlers were still living on the site. “We may start construction early next year,” Razon said at the sidelines of the annual stockholders meeting of port operator International Container Terminal Services Inc. which he also heads as chairman.
Razon said the company was working with Ayala Land Inc. in clearing the property. Ayala Land is developing a huge portion of Vertis North.
Razon earlier said he planned to develop the property into a mixed-use development with hotel and casino components.
The lot was a part of National Housing Authority’s share in the joint venture between the government and Ayala Land in Vertis North.
Bloomberry’s unit Sureste Properties Inc. bagged the property in 2014 after submitting a negotiated offer which was accepted by NHA.
Vertis North is a 45-hectare master planned development in the North Triangle property including the Trinoma mall.
Bloomberry owns and operates Solaire Resort and Casino, the first integrated resort to open in state-run Philippine Amusement and Gaming Corp.’s Entertainment City project in Parañaque City.
Bloomberry Resorts Corp. posted a net income of P2.32 billion in 2016, a sharp turnaround from the P3.37-billion net loss in 2015 on record gaming and non-gaming revenues.
Gross revenues jumped 19.1 percent last year to P40.9 billion from P34.2 billion in 2015 with gaming revenues accounting for 94.2 percent of total revenues.
Razon said he expected the company to remain profitable this year even with the oversupply of casinos in the country following the recent opening of the $2-billion Okada Manila.