THE group of businessman Enrique Razon Jr. is in negotiations with the government to lease additional land at the Philippine Amusement and Gaming Corp.’s (Pagcor) Entertainment City at the Manila Bay reclamation area.
The group, which is already building a casino and hotel project in the area, wants additional land to “allow for the expansion of hotel space that Pagcor now requires for the project,” a Philippine Stock Exchange filing made by Razon-led Active Alliance Inc. (AAI) said on Monday.
The gaming regulator wants licensees within the Entertainment City to build at least 800 hotel rooms before being allowed to open their respective casino facilities.
AAI is the backdoor listing vehicle for Razon’s hotel and casino venture held under Sureste Properites Inc. and its subsidiary Bloomberry Resorts and Hotels Inc. The project, to be known as Solaire Manila, would require investments of at least $1 billion.
AAI said Phase 1 involves the construction of a 14-story building complex including hotels, restaurants, retail, recreation and back-house facilities occupying 73,484 square meters. The casino area will occupy 22,268 square meters which will be completed before the end of 2012, it said.
The company recently disclosed that it will acquire Sureste Proprties for P5.87 billion in line with plans to infuse the casino and hotel asset into the dormant company.
The acquisition would be partly supported by a P9.21-billion share sale to key shareholders and affiliates including Prime Metroline Transit Corp., Top Global Systems Ltd., Falcon Investco Holdings Inc. and Quasar Holdings Inc.
Plans also involve the change in AAI’s name to Bloomberry Resorts Corp. and an increase in authorized capital stock to P15 billion from P120 million.
Another licensee, Henry Sy-owned Belle Corp., said in a stock exchange filing last week that it is also in talks with Pagcor to lease an additional 10 hectares within the Entertainment City.
The expansion is seen to house a second casino after completion of its Belle Grande Manila Bay project, which is targeting to open early next year.
Bloomberry and Belle are two of the four Pagcor licensees in Entertainment City.
Other participants are Universal Entertainment of Japan and Travellers International Hotel Group Inc., which is a joint venture between Andrew Tan-led Alliance Global Group Inc. and Genting Hong Kong Ltd.
