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Bloomberry pushes ahead with Manila project

Published : Wednesday, March 21, 2012 00:00 [ ]
Written by : Krista Angela M. Montealegre

Bloomberry Resorts and Hotels Inc. (BRHI) has completed major infrastructure works at its integrated resort project at the Entertainment City Manila, the company said in a regulatory filing.

The Razon-led firm said that total investment in the project may reach $1.2 billion, $650 million of which will be allocated for the development of the first phase of the project called Solaire Manila.

The initial phase, which is set to be completed before the end of the year, covers a floor area of 180,000 square meters, including a hotel tower, three levels of podium that has the ballroom/convention facilities, gaming areas, restaurants, retail shops, and health and wellness facilities. Simultaneous with the topping out ceremony, BRHI also began structural works on the extension of Phase 1, which will see the expansion of the retail outlets, a boutique hotel, a live performance theater and a bigger garage building.

“It is getting more exciting as we shift to higher gear towards inaugurating our integrated resort. We are doubly proud because Solaire Manila will be the first resort to be built and operational here in Entertainment City,” Enrique Razon Jr., BRHI chairman and chief executive, said.

BRHI is one of four groups that have been granted licenses to build hotels and casinos in the area. The three other licensees are Belle Corp. of the Sy family; Travellers International Hotel Group Inc., a joint venture between Alliance Global Group Inc. and Genting Hong Kong; and Universal Entertainment. Razon recently completed the backdoor listing of his hotel and casino development through dormant firm Active Alliance Inc., now named Bloomberry Resorts Corp.

The company’s shares closed at P35 each on Tuesday, down P4 or 10.26 percent from its previous close of P39 apiece.

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