RAZON-LED Bloomberry Resorts Corp. targets to open its planned integrated resort in the Paniman area of Ternate, Cavite within the next five to ten years.
“While the timeline has not been finalized, the Paniman development is definitely a project that the company is keen to develop and open in the next five to 10 years,” Bloomberry said in a regulatory filing on Wednesday.
“At this time, Bloomberry is in the process of completing the land acquisition in Paniman, Ternate, Cavite and developing the masterplan for this project,” it added.
The Cavite project is set to be Bloomberry’s third integrated resort in the country, alongside Solaire Resort Entertainment City in Parañaque City and Solaire Resort North in Quezon City.
Bloomberry plans to develop the Paniman property into an integrated resort and entertainment complex with a world class casino, hotel, golf course, commercial, residential, and mixed-use development.
The integrated resorts operator issued the disclosure to clarify a statement by Philippine Amusement and Gaming Corp. Chairman and Chief Executive Officer Alejandro H. Tengco, who said on Tuesday that the planned Cavite integrated resort project is expected to open “sometime in the end of 2028.”
In May 2022, Bloomberry, through Solaire Properties Corp. (SPC), entered into an agreement with a group of landowners consisting of Boulevard Holdings, Inc., Puerto Azul Land, Inc., Ternate Development Corp., and Monte Sol Development Corp. for the purchase of 2.8 million square meters (sq.m.) of land in the Paniman area at an average price of P2,700 per sq.m.
As of June 30, SPC has purchased 220 lots with a total land area of 1.81 million sq.m.
In May, Bloomberry inaugurated the 1.5-hectare Solaire Resort North in Quezon City. It features 526 rooms consisting of deluxe guest rooms ranging from 42 to 49 sq.m., and suites ranging from 89 to 382 sq.m.
Aside from its Philippine operations, Bloomberry also owns the Jeju Sun Hotel & Casino in South Korea.
Bloomberry shares rose by 3.51% or 27 centavos to P7.97 apiece on Wednesday. — Revin Mikhael Ochave
