Bloomberry to invest $1B in Korea plan
MANILA, Philippines–Bloomberry Resorts Corp., which operates Solaire Resort and Casino in Manila’s Entertainment City, will invest at least $1 billion to build an integrated casino resort in the Incheon Free Economic Zone in South Korea, chair and CEO Enrique Razon Jr. said on Thursday.
The move is in line with Bloomberry’s ambitions to expand globally. The company is also eyeing opportunities in Latin America and Japan in the years to come, Razon told reporters at the sidelines of the annual meeting of International Container Terminal Services Inc., a company he also controls.
“We are looking at Latin America. In Japan, everyone is waiting for the gaming law to be passed,” Razon said.
Last March, Bloomberry acquired a 92-percent stake in a firm that operates T.H.E. Hotel & Vegas Casino on Jeju Island, South Korea, Razon said, citing the country’s attractive gaming prospects.
“We think it’s going to be a very good business. Korea got 11 million tourists from Asia last year, Jeju alone got 4 million [visitors],” he said.
Right now, Razon said, the company is in talks with Korean partners for its planned casino project in Incheon.
Bloomberry earlier this year sealed separated deals to purchase the 21-hectare Silmi Island, and a 12.2-hectare property in nearby Muui Island, both of which area located in the Incheon Free Economic Zone.
The company hopes to start construction in 2017, when a bridge that would provide access to the area is completed, he said.
Bloomberry is in the process of finalizing plans which it will present to regulators there, before it seeks a gaming license to operate a casino in Incheon, Razon said.
The minimum investment required to secure a license is $1 billion, he said.
If Bloomberry were to pursue a project there, he added, the final figure could be “much bigger.”
“It’s not just a casino and hotel. There’s a residential aspect and a commercial aspect. It’s a whole planned tourism community,” said Razon, stressing that the development would be pursued even if Bloomberry were to fail in securing a gaming license.
