Razon plans 3rd casino in Cavite
Ports and casino tycoon Enrique Razon plans to build a third casino in the Philippines after it opens its second gaming facility in Quezon City next year.
In a disclosure yesterday, Razon-led Bloomberry, operator of Solaire Resort & Casino (Solaire) and Jeju Sun Hotel & Casino (Jeju Sun) in Korea, said the third casino would rise in the coastal area of Paniman in Puerto Azul in Ternate, Cavite.
Bloomberry, through a newly incorporated subsidiary Solaire Entertainment Property Holdings Inc. (SEPHI) has entered into an agreement with a group of landowners comprising Boulevard Holdings Inc., Puerto Azul Land Inc., Ternate Development Corp. and Monte Sol Development Corp.for the purchase of a total of 2.8 million square meters of land in the Paniman area.
SEPHI will buy titled and cleared land, which it intends to develop into an integrated resort and entertainment complex with a world class casino, hotel, golf course, commercial, residential and mixed use development.
It will acquire the land at an average price of P2,700 per square meter or a total investment of P7.56 billion.
In June last year, there were talks that the Panlilio Group was partnering with Razon to develop a Hawaii-like beach resort in Cavite.
As for Solaire North in Quezon City, Razon said it was on track to open in 2023.
“We’re still on track for 2023 opening,” Razon said during the company’s annual stockholders meeting in April even as he noted that there were some delays in construction because of COVID-related lockdowns.
He said the timing of Solaire North could well coincide with the full recovery of the country’s economy.
Bloomberry reported a net income of P686.7 million in the first quarter, reversing the P771.2 million net loss incurred a year ago. Revenues jumped by 61 percent.