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Bloomberry Resorts Corp. said Thursday it will start developing a newly-acquired property in Ternate, Cavite into an integrated resort and casino, after the opening of Solaire North in Quezon City.
Solaire North, Bloomberry’s second integrated resort and casino, is scheduled to start operations in the fourth quarter of 2023.
Bloomberry director for investor relations Jonas Isaac Ramos said in an investors’ briefing sponsored by the Philippine Stock Exchange the company would fully pay out the 280-hectare property in Ternate for P7.5 billion once it received the clean titles from several landowners.
“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 prime ourselves for major work to be done after Solaire North,” said Ramos.
Ramos said the company had not yet finalized the capital spending plan for the Cavite property.
Ramos said Solaire North was on track to opening by 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,” Ramos said.
Bloomberry executive vice president and chief financial officer Estela Tuason-Occena said the company was conducting due diligence on the planned investments in two casinos owned by PH Resorts Group Holdings Inc. of 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 investment in Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu and in Clark Grand Leisure Corp. which is developing The Base Resort Hotel and Casino in Clark, Pampanga.
