Gaming company Bloomberry Resorts Corp. plans to invest more than $1 billion to develop an integrated residential, commercial, tourism and gaming complex in South Korea.
Bloomberry chairman Enrique Razon Jr. said the company was now in the process of securing a gaming license from the Korean government to enable it to jumpstart the construction of the whole project.
“We are presenting the master plan to the [Korean] government in our application for a gaming license. It’s a multi-purpose development, not just casino and hotel. There will be a residential aspect and it is going to be a tourism community,” Razon said in an interview at the sidelines of the annual stockholders meeting of port operator International Container Terminal Services Inc., which he also heads.
Razon said while the minimum investment to qualify for a gaming license in Korea was $1 billion, the whole development could cost much bigger than that.
Bloomberry, which owns and operates Solaire Resorts and Casino in the Philippines, said it expected to start the Korean resort development in 2017.
Razon said the company was currently in talks with potential Korean joint venture partners for the project.
He said aside from allowing the company to diversify its revenue source, the Korean venture would be “good business” for Bloomberry, given the increasing tourist arrivals in Korea.
Bloomberry, through unit Solaire Korea Co. Ltd., earlier acquired two Korean islands, including Silmi Island and Muui Island, to expand its operations outside the Philippines.
Both islands are located in the Greater Incheon area and within the coverage of the Incheon Free Economic Zone, which is being developed into a leisure and tourism complex with entertainment facilities and mixed-use developments.
Solaire Korea also purchased up to 92 percent of Golden & Luxury Co Ltd., which owns and operates T.H.E. Hotel & Vegas Casino in Jeju Island in South Korea.
Aside from Korea, Bloomberry is also looking at Latin America for possible expansion of its gaming business. The company is also waiting for Japan’s parliament to pass a gaming law before making investment plans there.
Meanwhile, Bloomberry said it maintained its foot traffic in its Solaire casino complex in Paranaque City even with the opening of rival City of Dreams Manila.
“I guess the market has increased with the opening [of City of Dreams Manila],” Razon said.
City of Dreams Manila, which is being operated by Melco Crown, held a grand opening on Feb. 2, becoming the second integrated resort and gaming complex to open within the government-sponsored Pagcor Entertainment City.