GGRAsia – Bloomberry eyeing casino bet in Argentina: filing

Bloomberry eyeing casino bet in Argentina: filing

Sep 22, 2015 Newsdesk Latest News, Philippines, Top of the deck, World

Philippines-based casino operator Bloomberry Resorts Corp confirmed that it is in talks regarding a possible investment in a casino resort in Argentina, via one of its subsidiaries.

Solaire de Argentina SA – an Argentinian company that is 94 percent owned by Bloomberry Resorts – “has a proposal to establish an integrated resort in Argentina, but it is still pending evaluation and action of government agencies and regulators in Argentina,” the casino operator said on Tuesday in a filing to the Philippine Stock Exchange.

Bloomberry Resorts, chaired by Enrique Razon, was clarifying the issue following a report by local newspaper the Philippine Star. The media outlet reported that Bloomberry Resorts is seeking to secure approval for a casino project “in an undisclosed area of [Argentina's] capital Buenos Aires”.

In Tuesday’s filing, the casino operator confirmed that Oscar Alberto Ghezzi is the president of Solaire de Argentina. Mr Ghezzi currently leads the Argentine Chamber of Tourism. He is also a former president of the Federation of Hotel and Gastronomy Professionals of Argentina, according to Bloomberry Resorts’ filing.

The Philippine Star additionally reported that Mr Razon already has a foothold in Argentina since 2008, after another of his companies – International Container Terminal Services Inc – won a 30-year concession to operate the cargo port in the city of La Plata, close to Buenos Aires.

PricewaterhouseCoopers LLP describes Argentina as the “leading casino gaming market in Latin America”, as the country recorded gross gaming revenue (GGR) of more than US$3 billion in 2014, up by 9.8 percent year-on-year. The consultancy and financial services firm forecasts the Argentinian market to achieve GGR of US$3.5 billion this year, it said in a report in February.

Bloomberry Resorts – developer and operator of Solaire Resort and Casino (pictured) in the Philippine capital Manila – has been looking overseas to expand its business. The company said last week that it is to reopen this month its majority-owned gaming property on Jeju Island in South Korea, the firm’s first operating property overseas.