Bloomberry to build third IR in Cavite after Quezon City launch
Bloomberry Resorts has purchased 2.8 million square metres of land for PHP7.5bn (US$136.95m).
The Philippines.- Bloomberry Resorts has confirmed that it will expand its integrated resort portfolio with a new project in the province of Cavite. The company had already reportedly plans for the third resort, which will be located in the Paniman area of Cavite. It has confirmed that it will start working on the project after the opening of its Solaire Resort North in Quezon City early next year.
According to sources, Bloomberry Resorts has already acquired 2.8 million square meters of land in the Paniman area for PHP7.5bn (US$136.95m). The company aims to develop the property into a world-class integrated resort and entertainment complex with a hotel, casino, golf course residential and mixed-use development.
Meanwhile, when sharing its financial results for the year 2022, the company said its Quezon City project will launch in the first quarter of 2024. For 2022, Bloomberry reported a net income of PHP5.14bn (US$93.6m), after a net loss of PHP4.25bn in 2021.
Consolidated net revenue for the year was PHP38.9bn, a 77 per cent increase from PHP22.0bn in the previous year. Consolidated EBITDA reached PHP14.3bn, up by 175 per cent year-on-year.
