BLOOMBERRY Resorts Corp. said it has established a new subsidiary to handle its cruise terminal business.
In a disclosure to the stock exchange Friday, the operator of Solaire Resorts and Casino said it has set up Bloomberry Cruise Terminals, Inc. (BCTI).
The new unit is expected to complement the company’s tourism and leisure business, Bloomberry said.
BCTI’s first project will to operate a cruise terminal in the Port of Salomague in Cabugao, Ilocos Sur. Bloomberry subsidiary Sureste Properties, Inc. was earlier awarded a 10-year lease from the Philippine Ports Authority, giving it the right to construct, develop, manage, and operate cruise passenger facilities in the area.
The company will also manage the proposed Solaire Cruise Center & Yacht Harbor next to Solaire Resort and Casino at the state-run Entertainment City in Parañaque City.
The construction of the port is still subject to regulatory approval, but the Tourism Infrastructure and Enterprise Zone Authority has designated the property a Tourism Enterprise Zone.
Bloomberry Chairman Enrique K. Razon, Jr. has said the group will break ground for the $308-million Solaire Cruise Center in the third quarter, banking on the booming tourism industry.
The first phase of the project is scheduled to be completed by 2021, including the pier, retail outlets, food and beverage destinations, and immigration facilities.
Bloomberry is also building a second integrated resort and casino project in Quezon City. Called Solaire North, the project will rise 40 storeys on a 1.5-hectare property inside Vertis North in Quezon City. This is expected to serve the gaming market in Quezon City and nearby provinces such as Bulacan and Pampanga.
Bloomberry’s net profit attributable to the parent dropped 40% to P2.21 billion in the first quarter of 2019, after gross revenue rose 4% to P10.77 billion.
Bloomberry was unchanged at P11.60 on Friday. — Arra B. Francia