GGRAsia – Bloomberry plans development of Solaire cruise port

Bloomberry plans development of Solaire cruise port

May 16, 2018 Newsdesk Latest News, Philippines, Top of the deck

A subsidiary of Philippines-based casino operator Bloomberry Resorts Corp has filed an application for development of a cruise port to serve Solaire Resort and Casino in Manila, the parent company confirmed in a filing to the Philippine Stock Exchange on Wednesday.

Sureste Properties Inc, a wholly owned subsidiary of Bloomberry Resorts, filed an application with the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) for a proposed cruise port. “This application is currently under evaluation with TIEZA,” said the parent company.

Solaire is located at Entertainment City in Paranaque City, Manila, the Philippines capital.

The clarification came after a media report last week mentioned that the Bloomberry Resorts’ subsidiary planned to invest PHP308 million (US$5.9 million) to develop a cruise port in Paranaque City.

Sureste Properties’ proposal, according to media outlet philstar.com, includes marine and terminal facilities, homeport and port-of-call operations, as well as an expanded harbour area offering dining, shopping, entertainment and maritime recreation.

The first phase of the cruise port project is expected to be operational in two years, with the full scheme completed within 10 years, reported philstar.com.

The media outlet added that TIEZA had already forwarded the proposal to the office of President Rodrigo Duterte for review. “President Duterte expressed no objection to the proposal subject to the compliance of all government required permits and environmental clearances,” said the tourism body, as quoted in the report.

In Wednesday’s filing, Bloomberry Resorts did not confirm the details of the proposal, saying only that the cruise port project would still require “several other regulatory approvals and compliance including an Environmental Compliance Certificate (ECC)”.

“The final configuration and cost of the cruise port project will depend on the technical study that an ECC application will require, the approvals of the regulators, and market demands,” added the casino investor.

Filipino billionaire Enrique Razon controls Bloomberry Resorts. Mr Razon is also chairman and chief executive of International Container Terminal Services Inc, one of the country’s largest firms, which develops, manages, and operates container ports and terminals.

Sureste Properties said in April that it had agreed to pay PHP37.33 billion for the two plots of land where Solaire stands. The seller was the Philippine Amusement and Gaming Corp (Pagcor), the country’s gaming regulator.

Bloomberry Resorts saw its first-quarter profit rise 72.7 percent year-on-year, as its flagship Manila gaming resort posted record quarterly earnings before interest, taxation, depreciation and amortisation, the firm said earlier this month.