In a filing with the Philippine Stock Exchange, Bloombery said its third casino, dubbed as the Paniman project, will rise in Cavite.

Bloomberry signed an agreement with a group of land sellers in Cavite to acquire a property in the province to develop the casino resort.

SPC, formerly Solaire Entertainment Properties Holdings Inc., entered into an agreement with Boulevard Holdings Inc., Puerto Azul Land Inc., Ternate Development Corp. and Monte Sol Development Corp. for its purchase of up to 2.8 million square meters of land in the Paniman area in Ternate, Cavite at an average price of P2,700 per square meter or a total cost of roughly P7.5 billion.

As of end-December, SPC had purchased 16 lots with a total land area of 1.6 million sqm.

“SPC intends 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 development of the Paniman project is expected to commence after Solaire Resort North in Vertis North, Quezon City has started its commercial operations,” Bloomberry said.

Bloomberry whose subsidiaries own and operate Solaire in Paranaque and Jeju Sun Hotel & Casino in South Korea successfully returned to profitability last year.

The company posted a net income of P5.1 billion last year, a reversal of the P4.2 billion loss incurred in 2021 on net revenue of P38.9 billion, which marked an increase of P22 billion from a year ago.

Gamers – from high rollers to mass market – have returned with total gross gaming revenue at Solaire reaching P50.1 billion, up 81 percent from P27.6 billion in 2021.

Razon said the company is ramping up construction at Solaire Resort North in Quezon City in time for the launch early next year. “We are excited to launch this new offering by the first quarter of 2024,” he said.

By Iris Gonzales