Ultra bilyonaryo Ricky Razon is betting on a bounceback in the gaming and tourism business with back-to-back multi-billion casino resort projects.
Razon’s Bloomberry Resorts (BLOOM) announced that it would start the construction of its Paniman casino project in Cavite after the Solaire North in Vertis, Quezon City has started its commercial operations.
Solaire North, Bloom’s second casino hotel project after Solaire Resort & Casino in Paranaque, is expected to open its doors in 2023 despite delays in construction due to the COVID pandemic.
Aside from Solaire North and the Paniman project, Razon is also finalizing a deal to take over the casino-hotel projects of Davao-based businessman Dennis Uy’s PH Resorts Group – the currently under construction Emerald Bay Casino in Cebu and the proposed Base Resort Hotel and Casino in Clark.
Solaire’s subsidiary, Solaire Entertainment Property Holdings Inc. (SEPHI), recently signed an agreement to buy 2.8 million square meters of land in Paniman Cavite for P7.554 billion from the Enriquez-Panlilio group – Boulevard Holdings, Puerto Azul Land, Ternate Development, and Monte Sol Development.
Solaire is using its internally generated cash to pay for the land – downpayment of 75 percent for titled and unencumbered land and 10 percent for untitled land with the balance to be paid upon the transfer of title to Solaire.
The property, which is mostly undeveloped land in Ternate, Cavite with no improvements other than some roads, will be developed into an integrated resort and entertainment complex with a world class casino, hotel, golf course, commercial, residential and mixed use development.
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