Integrated gaming resort operator Bloomberry Resorts Corp. is looking to bid for the exclusive gaming license offered by the island-country of Cyprus while preparing to develop new projects in Quezon City and South Korea.
Bloomberry is one of those shortlisted to bid for the gaming license offered by Cyprus and the company is still studying whether to participate in the auction in the next few months, Bloomberry chair Enrique Razon Jr. told stockholders in an annual meeting Tuesday.
“It’s a tourist destination plus it’s an exclusive license (that is up for grabs) which is very important and it allows the domestic market (to play),” Razon said, when asked for the rationale behind the prospective Cyprus bid.
“Exclusive is very valuable,” Razon said, adding however that Bloomberry would still have to go through the regulatory process.
Based on offshore reports, Cyprus will choose one group to operate an integrated casino resort for 30 years. Exclusivity is assured for half of the concession period.
Following the expansion of its flagship project along Manila Bay, Razon said Bloomberry may be able to start working on the next project in Quezon City early next year.
Razon explained that under its license from the Philippine Amusement & Gaming Corp., Bloomberry can build an integrated resort in at least two locations in the country.
To recall, Bloomberry earlier acquired a 15.7-hectare property in the Vertis North central business district project of property giant Ayala Land Inc. in Quezon City. The property was purchased from the National Housing Authority (NHA).