GGRAsia – Philippines’ Bloomberry to bet US$1 bln on S. Korea casino

Philippines’ Bloomberry to bet US$1 bln on S. Korea casino

Apr 16, 2015 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck

Bloomberry Resorts Corp plans to invest more than US$1 billion in a casino resort complex in South Korea and is in talks with a potential local partner for the project, company chairman Enrique Razon said on Thursday, according to Reuters.

The Philippine gaming firm last month signed deals to buy an island within Incheon Free Economic Zone near the South Korean capital Seoul, and a casino operator in that country, firmly signalling its ambitions for overseas expansion.

Previously, in January, Bloomberry said it was purchasing 12.2 hectares (30.1 acres) of land on Muui Island, also part of the Incheon special zone.

Bloomberry is owner and operator of a US$1.2-billion casino property called Solaire Resort and Casino, which opened in March 2013 at Manila Bay in the Philippines capital.

It was the first of four private sector casino projects in Entertainment City, a casino zone promoted by the local gaming regulator, the Philippine Amusement and Gaming Corp, known as Pagcor.

The second, City of Dreams Manila, operated by a local unit of Macau casino developer Melco Crown Entertainment Ltd, had its official opening on February 2.