Bloomberry set to build a second Solaire casino resort and the Philippine National Bank has become one of the lenders supporting it.
A loan of PHP 11.5 billion has been extended by the Philippine National Bank (PNB), to the hospitality and gambling company Bloomberry Resorts Corp., as reported by The Philippine Star. This loan will be used by the company to fund the construction of its second Solaire-branded casino resort.
Bloomberry is currently operating the Solaire Resort & Casino. This $1.2 billion resort was opened in 2013. It was the first of four integrated resorts which were approved to be developed within the Entertainment City. This is a larger project being led by the Philippine government. The primary aim is to enhance the nation’s tourism.
Now Bloomberry is going to expand the Solaire brand by launching a casino resort in Quezon City. PNB has revealed that it will co-finance 28.7% of the amount allocated to the previously announced PHP40 billion loan syndication.
Construction Begins Later This Year
Financing has been secured for the project, and the company will begin construction in mid-2019. The casino is expected to open in 2022.
The new Solaire will cater an extremely mass market including a hotel, casino, entertainment facilities and food and beverage locations. The location for this resort will be the Vertis North Complex in Quezon City, this site was bought by Bloomberry in 2015.
The banks CEO and President, Jose Arnulfo Veloso, commented on extending this loan to Bloomberry. He said that the bank is proud to be a part of this scheme as he believes that this would be “a big boost to the country’s tourism business.” This new property would now only boost business but also lead to greater employment opportunities and improved income.