MANILA, Philippines – Businessman Enrique Razon Jr. has acquired a controlling interest in Bloombury Investments Holdings Inc. (Bloombury) from fellow businessman Jose Alvarez, and is set to infuse fresh equity of P5 billion ($100 million).
Bloombury is one of four companies which have been granted a provisional license to establish and operate a gaming and entertainment complex for the Bagong Nayong Pilipino Entertainment City of the Philippine Amusement and Gaming Corp. (Pagcor) at the Manila Bay Reclamation Area in Parañaque City.
Razon is currently the chairman of the board and president of publicly listed International Container Terminal Services Inc. (ICTSI).
Officials disclosed that Bloombury is in the final stages of the design development for the initial phase of the project. Construction is expected to commence by the third quarter of this year at an estimated Phase 1 project cost of $400 million.
On completion, the complex will include two five-star luxury hotel towers of over 1,000 rooms within a world-class entertainment and convention facility.
They added that the ultra modern complex is expected to be fully operational in two years, and hopes to draw in large groups of tourists. Moreover, the project is expected to stimulate growth not only in the hotel and restaurant sector, but also in the construction and services sectors, company officials said. – With Aisa Osorio