Filtered By: Money
Money

Razon’s Bloombury Investments takes on gaming industry


Bloombury Investments Holdings Inc., a firm recently acquired by port king Enrique K. Razon Jr., is establishing a $557-million casino-resort complex at the Bagong Nayong Pilipino project in Parañaque City. In a statement Wednesday, Bloombury said it started building Solaire in some 165,000 square meters of land in the complex known as Pagcor City. "We are excited about this investment in the City. Aside from catapulting the Philippines into a key player in the tourism, hospitality and entertainment industries, the project will make Filipinos proud for having a world class leisure hub that will showcase the best that the country can offer," said Bloombury chairman Razon,. Pagcor City, named after the Philippine Amusement and Gaming Corp., is being groomed to compete with other leisure hubs in the region such as those in Macau, Malaysia, and Singapore. Solaire signals Razon's first venture into the country's lucrative gaming industry. Razon's core business is global port operation. He heads the Manila-based port giant International Container Terminal Services Inc. Solaire is expected to open by the third quarter of 2012. Total investment for its development is $1 billion. "Aside from attracting local and foreign visitors, the complex is expected to generate some 2,500 jobs and boost the country’s ancillary service sectors," Razon said. Pagcor City is a multi-billion dollar government project that covers 120 hectares of prime reclaimed land at the western portion of the Manila Bay in Parañaque City. It was designated by the Philippine Economic Zone Authority as a special economic zone, where investors are given tax perks. Three other firms given licenses to develop the complex were retail conglomerate SM Investments Corp., listed property developer Alliance Global Inc. – a partner of Travellers International Hotel Group Inc. – and Japan’s Azure Group. —With MR Gavin/JE, GMANews.TV

LOADING CONTENT