BLOOMBERRY Resorts Corp. announced that it purchased a Paniman property in Ternate, Cavite for the construction of an integrated resort and entertainment complex.
The property will feature a casino, hotel, golf course, commercial, residential and mixed-use development, according to a disclosure on Thursday.
The acquisition was made through Bloomberry’s newly incorporated subsidiary, Solaire Entertainment Property Holdings, Inc. (SEPHI), which made the purchase through an agreement with a group of landowners comprising Boulevard Holdings, Inc., Puerto Azul Land, Inc., Ternate Development Corp. and Monte Sol Development Corp.
The property spans a total area of 2.8 million square meters (sq.m.) with an average selling price of P2,700 per sq.m. Bloomberry noted that SEPHI will buy only titled and cleared land.
Development of the property will begin after the Solaire North in Vertis, Quezon City has started its commercial operations.
In a separate disclosure, Boulevard Holdings said it sold a total of 281,932 sq.m. of land at a selling price of P5,050.00 per sq.m. to SEPHI.
In 2021, Bloomberry reported that it trimmed its net loss to P4.2 billion from a loss of P8.3 billion in 2020.
Consolidated net revenue increased by 24% to P22 billion from P17.8 billion a year earlier.
Bloomberry is a holding company for hotel, gaming and entertainment businesses companies.
Through its subsidiaries, the company is the owner and operator of Solaire Resort & Casino. Its other subsidiaries include Sureste Properties, Inc.; Bloomberry Resorts and Hotels, Inc.; Bloomberry Cruise Terminals, Inc.; Solaire Korea Co., Ltd.; and Bloomberry Resorts Japan, Inc.
At the stock exchange, Bloomberry shares dropped by 0.62% or four centavos to P6.40 on Thursday. — Luisa Maria Jacinta C. Jocson