By: CLIFF VENZON, Nikkei Asian Review
MANILA -- Bloomberry Resorts, which operates a two-year-old casino in the Philippines, has struck two more deals for its South Korean expansion: the purchase of an island and the takeover of a casino, Nikkei Asian Review reported.
In two separate disclosures to the Philippine Stock Exchange on Tuesday, Bloomberry said it has signed a real estate sales agreement for the acquisition of Silmi Island and inked a deal to buy a 92% stake in Golden & Luxury. Both transactions have yet to be finalized.
The 0.21-sq.-km Silmi Island is adjacent to Muui Island, 0.122-sq.-km of which Bloomberry is also buying. Golden & Luxury, for its part, runs T.H.E. Hotel & Vegas, one of seven casinos on Jeju Island, south of the Korean Peninsula, according Nikkei Asian Review.
Both Silmi and Muui islands, just southwest of Seoul, are covered by the Incheon Free Economic Zone, which is being developed by the South Korean government as a tourism and gaming hub.
"Solaire is on a trajectory of growth and we are now slightly shifting our focus to other destinations," Bloomberry Chairman and CEO Enrique Razon said in a statement. "Although this will happen in the next few years, it is good business to start prospecting, and Korea is a likely choice because of its positive investment climate."
Bloomberry in January announced its expansion into South Korea, setting up an offshore unit called Solaire Korea to buy a property in Muui Island.
At home, it operates Solaire, the first megacasino at the Manila Bay entertainment hub.
In previous media interviews, Razon said he has also thought of Bloomberry expanding into Macau, when conditions there become more favorable, and in Japan, when the country legalizes casinos.
In the meantime, Bloomberry will concentrate on South Korea, where 5.6 million Chinese tourists are expected to visit Jeju Island alone this year.
"We are excited at the prospect of Solaire setting up a base in Korea and of introducing the Solaire brand of integrated resorts to the country," Razon said. "This is our first venture outside of the Philippines, and the possibilities for expansion in this country are promising."
MANILA -- Bloomberry Resorts, which operates a two-year-old casino in the Philippines, has struck two more deals for its South Korean expansion: the purchase of an island and the takeover of a casino, Nikkei Asian Review reported.
In two separate disclosures to the Philippine Stock Exchange on Tuesday, Bloomberry said it has signed a real estate sales agreement for the acquisition of Silmi Island and inked a deal to buy a 92% stake in Golden & Luxury. Both transactions have yet to be finalized.
The 0.21-sq.-km Silmi Island is adjacent to Muui Island, 0.122-sq.-km of which Bloomberry is also buying. Golden & Luxury, for its part, runs T.H.E. Hotel & Vegas, one of seven casinos on Jeju Island, south of the Korean Peninsula, according Nikkei Asian Review.
Both Silmi and Muui islands, just southwest of Seoul, are covered by the Incheon Free Economic Zone, which is being developed by the South Korean government as a tourism and gaming hub.
"Solaire is on a trajectory of growth and we are now slightly shifting our focus to other destinations," Bloomberry Chairman and CEO Enrique Razon said in a statement. "Although this will happen in the next few years, it is good business to start prospecting, and Korea is a likely choice because of its positive investment climate."
Bloomberry in January announced its expansion into South Korea, setting up an offshore unit called Solaire Korea to buy a property in Muui Island.
At home, it operates Solaire, the first megacasino at the Manila Bay entertainment hub.
In previous media interviews, Razon said he has also thought of Bloomberry expanding into Macau, when conditions there become more favorable, and in Japan, when the country legalizes casinos.
In the meantime, Bloomberry will concentrate on South Korea, where 5.6 million Chinese tourists are expected to visit Jeju Island alone this year.
"We are excited at the prospect of Solaire setting up a base in Korea and of introducing the Solaire brand of integrated resorts to the country," Razon said. "This is our first venture outside of the Philippines, and the possibilities for expansion in this country are promising."
Comments
Post a Comment