Argentina next in line to host Bloomberry’s casino venture

MANILA, Philippines - Bloomberry Resorts Corp. of ports tycoon Enrique Razon is seeking the nod of the Argentine government to build a casino in the Latin American country.

The listed gaming firm has tapped Argentina as the next site for its overseas expansion following its South Korean venture.

“Solaire de Argentina has a proposal to establish an integrated resort in Argentina, but it is still pending evaluation and action of government agencies and regulators in Argentina,” Bloomberry said.

Bloomberry has formed Solaire de Argentina SA, and appointed Oscar Alberto Ghezzi, president of Camara Argentina de Turismo, to head the newly-incorporated unit.

Solaire de Argentina SA is 94 percent owned by Bloomberry through Bloom Capital B.V., which is a 100 percent Netherlands subsidiary of the parent firm.

According to advisory firm PwC Mexico, “Argentina is the leading casino gaming market in Latin America with forecasted $3.501 million in revenues and a CAGR (compounded annual growth rate) of 8.6 percent between 2011 and 2015. “

PwC Mexico said Argentina’s casino gaming sector did not show a negative growth throughout the years, although it was also affected by the economic downturn in 2009 when its growth rate slid to 4.4 percent in 2009 from 10.3 percent in 2007.

Bloomberry operates Solaire Resorts and Casino in the 100-hectare Entertainment City of the Philippine Amusement and Gaming Corp. (Pagcor). It is set to open its first international casino in Jeju Island, Korea this month.

“We are very excited to introduce Jeju Sun Hotel and Casino starting out with the re-opening of this world-class casino after only less than four months. This is our first operating overseas property, and we exerted much effort to put in place the ambiance and amenities that would enrich the gaming experience,” Razon said.

Bloomberry holds a 96.23 percent stake in Jeju Sun Hotel and Casino.

South Korea is fast becoming a popular gaming destination in Asia, with some analysts hailing it as the second major gaming destination in the region next to Macau, which is currently facing a slump due to a crackdown on corruption and a no-smoking policy in some casinos. 

Gaming revenues reached $17.6 billion last year, up one percent from 2013.