MANILA, Philippines - Integrated resort operator Bloomberry Resorts Corp. of port magnate Enrique Razon Jr. is beefing up its presence in South Korea as it prepares to jumpstart its casino business foray overseas.
In two separate disclosures to the local bourse yesterday, the company behind Solaire Resort and Casino in Entertainment City said it purchased new properties in Korea as well as bought into a Korean hotel operator.
Bloomberry said its wholly-owned subsidiary Solaire Korea Co. Ltd. has signed an agreement with a group of shareholders of Golden & Luxury Co. Ltd. (G&L) for the acquisition of up to 92 percent of the latter’s shareholdings.
G&L is the owner and operator of the T.H.E. Hotel & Vegas Casino in Jeju Island in South Korea.
In addition to the shares purchased, Bloombery said it also signed a real estate sales agreement to buy Silmi Island in Korea.
Silmi Island has an area of 20.96 hectares and is adjacent to the 12.2 hectare property in Muui Island which is also subject to Bloomberry’s acquisition.
The real estate agreement for the parcels of land in Muui Island were announced by Bloomberry last January.
Both properties, which are located within the Incheon Free Economic Zone, are being acquired through unit Solaire Korea.
Bloomberry said the land purchase transactions in both islands are still subject to several government regulations and the completion of certain conditions.
Upon completion of the acquisition, the areas would be developed into a leisure and tourism complex with entertainment facilities and mixed use developments, the Razon-led firm said.
The entertainment facility will mark Bloomberry’s first international venture.
“Solaire is on a trajectory of growth and we are now slightly shifting our focus to other destinations. Although this will happen in the next few years, it is good business to start prospecting, and Korea is a likely choice because of its positive investment climate,” Razon said.
Bloomberry’s $1-billion Solaire Resort and Casino is the first of four integrated resorts that opened in Entertainment City.
In November last year, the company opened a new leisure complex in Solaire called Sky Tower as part of the integrated resort’s $500-million Phase 1A expansion.