Bloomberry to Open Resort-Casino Development on March 16
02/06/2013| 02:01am US/Eastern
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By Cris Larano
MANILA--Bloomberry Resorts Corp. (BLOOM.PH) Wednesday said it will open on March 16 the first phase of Solaire Manila, its integrated resort and casino development in Entertainment City, the Philippines' answer to the Las Vegas Strip.
It said it has hired about 400 people for the 500-room hotel and casino.
Many of the most modern "gaming equipment and facilities are installed and will be used in Solaire Manila," Bloomberry said in a filing to the stock exchange.
It said it will finish the second phase adding 300 more rooms in 2 years' time. It said it will have spent $1.2 billion on the project once completed.
Bloomberry is one of four licensed to operate casinos in Entertainment City, a 100 hectare development on land reclaimed from Manila Bay.
The other licensees are Tiger Resorts Leisure and Entertainment Inc. of Japanese tycoon Kazuo Okada; a partnership of Belle Corp. (>> Belle Corporation) and Melco Crown Entertainment Ltd. (>> Melco Crown Entertainment Ltd (ADR)); and a joint venture of Genting Hong Kong Ltd. (>> Genting Hong Kong Limited)--an associate of Malaysia-based gaming giant Genting Bhd (3182.KU)--and conglomerate Alliance Global Group Inc. (ALGGY).
State gaming agency Philippine Amusements and Gaming Corp. expects Entertainment City to push annual gaming revenue to as much as $10 billion after developments by the four are completed by 2016, from around $2 billion last year.
Write to Cris Larano at cris.larano@dowjones.com
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