Billionaire Enrique K. Razón Jr., chairman of gaming firm Bloomberry Resorts Corp., on Thursday ruled out developing its Ternate property until Solaire, its gaming and entertainment facility in Quezon City, starts operating sometime in the first quarter next year.
At the company’s annual stockholders’ meeting, Razon said its 2.79 million square meter property at the Paniman area in Ternate, Cavite will be land banked while waiting for the completion of Solaire Resort North in Vertis North, Quezon City.
“Any plans that we have for this area will come after we have opened Solaire North in Quezon City and have ramped up the property. Right now, we’re still going through concepts, design ideas, but there are no firm plans yet on when and how we will launch this,” Razor said.
Construction of Soiaire North was delayed by the pandemic. Then came further delays due to disruptions in the supply chain as components from abroad required to complete the property were held up.
“But we’re working our way through this and gaining traction and progressing in the construction. And very soon, we will determine a hard date, for that opening to be within the first quarter of 2024,” Razon said.
In May last year, Bloomberry through its unit Solaire Properties Corp. partnered with the listed Panlilio group Boulevard Holdings Inc., Puerto Azul Land Inc., Ternate Development Corp. and Monte Sol Development Corp. for the purchase of 2.79 million square meters of land in the Paniman area in Ternate, Cavite.
They bought the property at an average price of P2,700 a square meter.
As of last year, Solaire has purchased 16 lots with a total land area of 1.6 million square meters that Solaire plans to develop into an integrated resort and entertainment complex with a casino, hotel, golf course, as well as commercial, residential and mixed-use areas.
Razon is hopeful of getting back on track as the mass gaming segment is primed for new highs this year and seen to continue to contribute the bulk of its revenue.
“We anticipate that this segment will grow steadily on the back of sustained expansion of the local economy, which is forecast to grow between 6 and 7 percent this year,” Razon said.
“Outside of gaming, we are ready to accommodate more domestic and international patrons in our premier hotel, world class restaurants and opulent MICE offerings,” he said.
