Bloomberry Resorts Corp. has announced plans to build another integrated resort (IR) project on the Philippines’ main island, this time southwest of Manila in Cavite, according to filings with the Philippine Stock Exchange.
Overall, the company has invested over $144 million for nearly three million square meters of “cleared and titled” land in the Paniman community for the project, per the fillings. The land was purchased through Solaire Entertainment Property Holdings Inc., a new subsidiary of Bloomberry.
Ultimately, the new project will feature a luxury IR, a golf course and “commercial, residential and mixed-use development.” Bloomberry said in a statement that the project would not begin until their Solaire North IR in Quezon City is up and running, which will take place sometime in 2023.
The Philippine gaming market looks to be among the top producers for the rest of 2022 and beyond, and Bloomberry’s new proposal could add to that growth. According to U.S. investment firm Morgan Stanley, Philippine gross gaming revenue is expected to reach up to 85 percent of pre-pandemic levels by the end of this year.
Philippine casinos have operated at full capacity since March 1, when Covid restrictions were loosened, and according to the Philippine News Agency, just over 250,000 tourists visited the country from February through mid-April.
