RAZON-CONTROLLED Bloomberry Resorts Corp. on Tuesday said it will acquire a property in South Korea as part of its regional expansion.
The owner and operator of Solaire Resort & Casino in Entertainment City in Paranaque said it signed four real-estate sales agreement with several landowners for the purchase of land with an aggregate area of 12.2 hectares on Muui Island. The property is within the coverage of the Incheon Free Economic Zone, it said.
“[It] is intended to be developed into a leisure and tourism complex with entertainment facilities and mixed-use developments,” the company said. The property will be acquired under Solaire Korea Co. Ltd., a South Korean subsidiary of Bloomberry, controlled by billionaire Enrique Razon, known for its ports in the country and several others abroad.
It did not state how much it bought the said property.
Razon earlier said he plans to expand the Solaire brand in the region, particularly in the developed East Asian nations of Japan and South Korea, both of which are opening their respective gambling sites to other players.
The $1.2-billion Solaire is the first of four integrated resorts expected to operate in Entertainment City, though it is too early to measure its success as it only opened barely two years ago with some of its facilities still incomplete. The company in November last year opened a new leisure complex in Solaire called Sky Tower as part of Solaire’s $500-million Phase 1A expansion.