Leisure and gaming firm Bloomberry Resorts Corporation is acquiring 280 hectares in the Puerto Azul-Paniman area in Ternate, Cavite at a cost of P7.55 billion for development into an integrated resort and casino complex.
In a disclosure to the Philippine Stock Exchange, the firm said the acquisition will be done through newly incorporated subsidiary Solaire Entertainment Property Holdings Inc. (SEPHI).
SEPHI has entered into an agreement with a group of landowners comprising Boulevard Holdings Inc., Puerto Azul Land, Inc., Ternate Development Corporation and Monte Sol Development Corporation for the purchase of a total of 2,797,768 square meters of land at the average price of P2,700 per square meter.
Bloomberry noted that, “SEPHI will buy only titled and cleared land” and intends to develop the Paniman property into an integrated resort and entertainment complex with a world class casino, hotel, golf course, commercial, residential and mixed use development.
“This Paniman Project is expected to commence after the Solaire North in Vertis, Quezon City has started its commercial operations,” it added.
Work continues at Bloomberry’s Solaire North, where the pace of construction remains limited, but still on-track for a 2023 opening.
“Solaire North will be an upscale mass-focused offering that, together with Solaire and the revamped Solaire Club, will profoundly expand our gaming footprint to take advantage of what we anticipate to be a burgeoning post-pandemic domestic mass and regional premium mass demand,” said Bloomberry Chairman Enrique K. Razon, Jr.
Just last week, Bloomberry announced that it is investing in the delayed Mactan and Clark casino project of Dennis A. Uy’s PH Resorts Group Holdings Inc. (PHR). Bloomberry said it has signed a Term Sheet with PH Travel and Leisure Corporation (PHT), a subsidiary of PHR.
“The Term Sheet covers the proposed investment of Bloomberry into Lapulapu Leisure, Inc. which is developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and into Clark Grand Leisure Corporation which is developing The Base Resort Hotel and Casino in Clark in Pampanga,” the firm said.
It added that, “The Term Sheet is subject to several Conditions to Closing including: (a) the execution of mutually acceptable definitive agreements; (b) approval of regulators; (c) approval of creditors; (d) completion of audited financial statements; (d) corporate approvals, and cooperation on due diligence, among others.”
Bloomberry said certain terms and conditions of the transaction, including the method of payment and timing of closing, are still to be finalized.
PHR is currently focusing on raising funds for the completion of the Cebu casino, which has been moved to the first quarter of next year, after earlier having shelved its Clark project and voluntarily suspending the license for the Pampanga casino.
Emerald Bay will be constructed in two phases, of which, the first phase is expected to be completed in the first quarter of 2023.
The first phase of Emerald Bay is expected to have approximately 4,514 square meters of aggregate gaming floor area, with approximately 600 electronic gaming machines, approximately 122 gaming tables, a five-star hotel, with approximately 270 hotel bays, an open-air promenade, and five F&B outlets.
The second phase is expected to have approximately 8,210 square meters of aggregate gaming floor area, with approximately 729 electronic gaming machines, approximately 146 gaming tables, a five-star hotel with approximately 780 hotel bays, including five villas, four pools, approximately 16 F&B outlets covering an area of approximately 11,186 square meters, and MICE facilities of approximately 1,558 square meters.