A FIRM RECENTLY acquired by port operator Enrique Razon Jr. will put up a $557-million casino-resort project in the Bagong Nayong Pilipino-Entertainment City complex, also known as Pagcor City, in Parañaque.
In a statement, Bloombury Investments Holdings Inc. said it had broken ground for the construction of Solaire, an integrated resort complex that includes a five-star, 500-room hotel on a 165,000-square-meter land.
?Aside from catapulting the Philippines into becoming a key player in the tourism, hospitality and entertainment industries, the project will make Filipinos proud for having a world class leisure hub that will showcase the best that the country can offer,? Bloombury chair Razon said in a statement.
?Entertainment City Manila will rival leisure hubs in the region such as those in Macau, Malaysia, and of late, Singapore,? he said.
The project marks Razon?s first venture into the lucrative gaming industry. Razon owns Manila-based global port giant International Container Terminal Services Inc. The Bloombury complex is expected to open by the third quarter of 2012. Total investment in the long term is expected to reach $ 1 billion.
?Aside from attracting local and foreign visitors, the complex is expected to generate some 2,500 jobs and boost the country?s ancillary service sectors,? Razon said.
Pagcor (Philippine Amusement and Gaming Corp.) City is a multibillion-dollar government project that covers 120 hectares of prime reclaimed land at the western portion of the Manila Bay in Parañaque.
The Entertainment City has been designated as a special economic zone by the Philippine Economic Zone Authority.
The three other firms given licenses to develop the complex are listed property developer Alliance Global Inc., which has teamed up with Travellers International Hotel Group Inc., and Japan?s Azure Group.