Razon to build 2nd casino in Quezon City

MANILA, Philippines – Ports tycoon and casino magnate Enrique Razon will build his second casino in the Philippines starting next year on a P1.9-billion property in Quezon City.

The casino will rise on a 15,676-square-meter land that Bloomberry Resorts Corp., through its hotel and resort development arm Sureste Properties Inc. (SPI), acquired from the National Housing Authority (NHA) last year.

“We will probably start next year,” Razon said.

“It would be more similar to Solaire. There may be some mixed-use because there is no height restriction. There will be a casino,” he added.

Razon’s Solaire Resort & Casino opened in 2013, making it the first casino to open at the 100-hectare Entertainment City of gaming regulator Philippine Amusement and Gaming Corp. (Pagcor) in Parañaque City.

He declined to divulge more details on the Quezon City project, except to say it would be similar to Solaire, which has a mix of retail and dining options.

The P1.9-billion property sits on Vertis North, Quezon City Central Business District, which is part of NHA’s share in its joint venture with Ayala Land Inc. (ALI) in the business district.

ALI is developing the 46-hectare Vertis North project, bounded by EDSA, Quezon Avenue and Agham Road.

The rising business district will have mostly commercial and office spaces as well as residential and retail components.

Bloomberry subsidiary SPI is planning to develop the property into a mixed use development in accordance with the Vertis North master plan, and subject to required regulatory and local government approvals.

The company received the Notice of Award from NHA in October last year.

Of the P1.9 billion purchase price, SPI initially paid the 20 percent down payment of P395.4 million. Funding for the acquisition came from internally generated funds.  

The property was the subject of an NHA bidding scheduled on Aug. 7, 2015.

However, the NHA declared a failed bidding then because SPI was the only bidder.

NHA then conducted a second bidding for the same property on Aug. 28, which was also declared a failed bidding because SPI was the only bidder.  

“In the subsequent negotiation after the two failed biddings, SPI submitted its offer for the property, which was then accepted by the NHA as it satisfied the minimum bid price set by NHA,” Bloomberry said.

Bloomberry also operates a casino in Korea, its first international expansion. It is opening another one in Argentina.