Bloomberry to move forward with planned casino

Chairman Razon confirmed that the company will push ahead with its planned casino in Quezon City.

Philippines.- Enrique Razon Jr., chairman of Bloomberry, confirmed that the company is moving forward with the plans to develop a hotel and casino in Quezon City, even if residents showed opposition to the initiative.

During an interview with The Standard during the 43rd Philippine Business Conference, the chairman said that the company is planning the construction of its second casino project to start sometime during 2018. The facility is set to be built on a 1.5 hectare property on Vertis North.

Despite last week’s claims from the government that they hadn’t received any formal applications to develop a casino in the city from Bloomberry or other operators, Razon said that the project will be developed. “Quezon City casino project will push through. We will start construction sometime next year and for completion after two years.”

Last month, Razon revealed that he sold a portion of his stake in Bloomberry Resorts Corporation for US$74.5 million. The shareholder’s Prime Metroline Holdings sold 350 million shares for 10.85 pesos per share. The 3.18 percent stake belongs to the company behind Solaire Resort & Casino, but the company still holds a 65.58 percent stake in Bloomberry. “I am very confident of the prospects for Bloomberry. I believe that the increased liquidity in the stock will be beneficial for investors and the company,” said the official in September during a filing to the Philippine Stock Exchange.