MANILA, Philippines – Bloomberry Resorts & Hotels Inc. said yesterday it has completed major infrastructure works at its $1.2-billion resort and gaming complex within the 120-hectare Entertainment City along Roxas Blvd.
“Only a year ago, this same spot where we are was but barren, unproductive land. But today, you see massive structures and a bustling commune with a 5,000-strong labor force who work 24/7 to complete our integrated resort complex. It is getting more exciting as we shift to higher gear towards inaugurating our integrated resort,” Bloomberry chairman and CEO Enrique K. Razon Jr. said.
He said the integrated resort complex, Solaire Manila, will be the first resort to be built and operational in Entertainment City and is expected to significantly boost tourism in the country.
“Once open, I have high hopes that Solaire will immediately contribute to furthering tourism in the country, and the economy in general,” Razon pointed out.
Phase 1 of the project, estimated to cost $650 million, covers 180,000 square meters of floor area, which includes a hotel tower, three levels of podium that has the ballroom/convention facilities, gaming areas, restaurants, retail shops, and health and wellness facilities. A 10-story parking building will also be constructed.
The company has tapped BDO Unibank to help fund the project.
Aside from attracting local and foreign visitors, the complex is expected to generate over 4,600 jobs as well as boost the country’s ancillary service sectors.
Philippine Amusement & Gaming Corp. (Pagcor) chairman Cristino Naguiat Jr. said the state-run gaming agency is committed to seeing through this project to full completion, noting the double-digit growth in the tourism sector on the back of an upbeat economy and improving business confidence.
“This topping off ceremony comes at an exciting time for the Philippines. We have an upbeat economy and vastly improved business confidence. Our tourism sector is experiencing double-digit growth rates. Infrastructure development in key sectors and sensible fiscal management provide a solid and sustainable growth platform. Looking around us now, I have no doubt that Solaire will be successful. Pagcor is committed to seeing through this project to full completion,” Naguit said.
Bloomberry has also started structural works on the extension of Phase 1, which will see the expansion of the retail outlets, a boutique hotel, a live performance theater and a bigger parking building.
Entertainment City Manila is a multi-billion dollar project of Pagcor, covering 120 hectares of prime reclaimed land at the western portion of the Manila Bay in Parañaque City. It is also a special economic zone.
The Philippine government’s tourism blueprint, the National Tourism Development Plan, seeks to achieve 10 million tourist arrivals by 2016. Entertainment City’s 3,200 hotel rooms, which will have an annual capacity of one million tourists, will be among the key drivers to achieve the target.
Aside from tourist arrivals, Entertainment City is expected to generate over 20,000 jobs.
US-based financial giant Citi Group has named the Philippines as the “market to watch” upon the completion of the integrated casino resorts in Entertainment City, as total revenues that can be derived from gaming activities are believed to most likely approximate the earnings capacity of Singapore’s integrated resorts.