Razon seals deal with Las Vegas gaming group
Ports magnate Enrique Razon Jr. has taken his first major step toward advancing his interest in the Entertainment City Manila project of the state-owned Philippine Amusement and Gaming Corp. (Pagcor) by sealing a management service deal with a US-based hotel and casino operator.
In a statement, Pagcor said that Sureste Properties Inc. and its wholly owned subsidiary Bloomberry Resorts and Hotels Inc. has tapped Las Vegas, Nevada-based Global Gaming Asset Management LLC (GGAM) for the hotel and gaming operations of the project.
The deal was signed by Razon, chairman and CEO of Sureste and Bloomberry, and GGAM chairman and CEO Bill Weidner. Also present to witness the signing were Pagcor chairman Cristino Naguiat Jr.; BDO Universal Bank chair Teresita Sy; and Xiang Chen, deputy director general of the economic affairs department of the Central People’s Government, Macau Special Administrative Region.
The group of Sureste and Bloomberry is the first Pagcor concessionaire to start the development of an integrated resort complex at the Entertainment City, located at the sprawling reclamation area in Parañaque City along Manila Bay.
“This is the first time that Pagcor and the Philippines will avail of such top-caliber hotel and gaming operators,” the state gaming regulator said.
The first phase of Bloomberry’s project is expected to be completed by October 2012.
Covering an area of 8.3 hectares, the integrated resort complex will feature a five-star hotel, casino and gaming facilities, meeting and convention venues, high-end retail and fine dining outlets, and health and wellness facilities.
Retail, dining and entertainment areas are being expanded to complement the complex’s offering of a first-class resort experience, the the company said.
On top of attracting local and foreign tourists, the Bloomberry project is expected to generate 5,000 jobs and boost the related service industries.
The Entertainment City Manila project covers 120 hectares of reclaimed land at the southeastern portion of the Manila Bay and is also a registered economic zone under the Philippine Economic Zone Authority.
