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Bloombery’s Solaire Manila Nearing Completion

During the company’s annual stockholders’ meeting earlier this week the Chairman of Bloomberry Resorts, Enrique Razon, said that its first integrated resort and casino in Manila Bay, the Solaire Manila, should be open by the first quarter of 2013.

With over 18,000 square metres of gaming floor the Solaire Manila is expected to be opened early next year.

Razon said that 70% of the Phase 1 construction is now complete and the rest should be finished by December. According to Razon the casino at the new resort will be operated by Las Vegas based Global Baming Asset Management. At the same time Bloomberry will be developing its own hotel brand in order to prepare for overseas expansion.

The first phase of the Solaire Manila complex has a gaming floor area of 18,500 square metres which includes a 6,000 square metres of exclusive VIP gaming rooms, 1,200 slot machines and 300 gaming tables. The complex will also include 500 hotel rooms, suites and bayside villas as well as a number of restaurants and bars. There will also be a 1,000 seat ballroom, a spa and fitness centre and a bay-view promenade.

Once Phase 1 is complete Razon has said that Solaire will add a further 300 luxury suites to the hotel, after this work will begin on Phase 2 which also includes developing a 1,000 room tower club.

Also during the meeting Razon said that the company is now looking for more local and overseas expansion opportunities for the gaming-hotel business. The company is planning on developing the brand ‘Solaire’ as a “class of its own.” Razon told reporters that it could be a home-grown Filipino brand that is then brought to other locations.

However, Razon insisted that Solaire must be running before any expansion takes place. He said that in order to move to other areas it is essential to have one brand, “a home-grown Filipino brand like ICTSI.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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