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Sunday, May 26, 2024

Bloomberry acquiring P7.5B Puerto Azul lot for casino dev’t

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Bloomberry Resorts Corp. of ports and gaming tycoon Enrique Razon Jr. is acquiring a huge property in Ternate, Cavite for P7.5 billion for a new integrated resort and casino complex.

Bloomberry said in a disclosure to the stock exchange newly-formed subsidiary Solaire Entertainment Property Holdings Inc. signed an agreement to acquire 2.797 million square meters of property owned by Boulevard Holdings Inc., Puerto Azul Land Inc., Ternate Development Corp. and Monte Sol Development Corp. It will buy the property at an average price of P2,000 per sq. m.
The gaming firm said SEPHI would develop the Paniman property into an integrated resort and entertainment complex with a world class casino, hotel, golf course, commercial, residential and mixed-use development.

“This Paniman project is expected to commence after the Solaire North in Vertis, Quezon City has started its commercial operations,” Bloomberry said.

BHI said in a separate disclosure to the stock exchange it signed an agreement with SEPHI for the sale of 281,932 sq. m. of land in Cavite at P5,050 per sq. m.

The Puerto Azul property is a bailiwick of the Panlilios. The group has long been looking for a new investor to unlock values out of its vast seaside property in Cavite.

Ayala Land in 2014 planned to acquire several properties in Cavite owned by BHI. The property firm, however, terminated its plan.

Aside from the deal, Bloomberry also reported that it signed a term sheet agreement to invest in businessman Dennis Uy’s casino developments in Cebu and Pampanga.

Bloomberry reported a net income of P679.4 million in the first quarter, a sharp reversal of the P780.8-million net loss in the same period last year amid easing mobility restrictions.

Consolidated net revenues went up 30 percent to P7.2 billion on higher revenues from mass gaming segment.

The share price of Bloomberry fell 0.62 percent Thursday to close at P6.40.

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