MANILA, Philippines - The Razon-led group has started structural works on its ambitious $1 billion resort and entertainment complex in Paranaque City.
In a statement on Tuesday, Bloombery Resorts and Hotel Inc said that it has recently completed the ceremonial pouring of concrete on its project in Entertainment City Manila, signaling the start of structural works by contractor D.M. Consunji Inc.
Bloombery is a subsidiary of Sureste Properties Inc., a property developer that businessman Enrique K. Razon Jr. chairs.
Razon said he has "high hopes that the project will help boost tourism in the country by providing a world-class, state of the art resort and entertainment facility."
Razon led the ceremony that was graced by Senate President Juan Ponce Enrile and Teresita Sy of the SM Group.
Senator Enrile lauded Razon "for using mostly Filipino expertise and tapping local partners for the project: from concept, design, and construction to project financing. He predicted that with the project, Parañaque City would soon be home to the leading hotel complex in the country and in the region," according to the statement.
Paranaque City mayor Florencio Bernabe, on the other hand, said the project is expected to generate some 4,000 jobs when it starts operating by the third or fourth quarter of 2012.
At the Entertainment City, the Razon group's project will features an integrated resort facility including
- a 5-star, 500-room hotel covering an area of 8.3 hectares
- a state of the art meeting and convention and ballroom venues
- health and wellness facilities
It is located at the 120-hectare Bagong Nayong Pilipino-Entertainment City Manila, a multi-billion dollar project of state-run state-owned Philippine Amusement and Gaming Corp. (Pagcor) at a reclaimed area at the southeastern portion of the Manila Bay.
Razon, who runs port giant International Container Terminal Services Inc. (ICTSI), has previously acquired a controlling stake in Bloombury Investments Holdings Inc, one of the 4 companies with a provisional license to establish and operate a gaming and entertainment complex.
Another group that also has a license from Pagcor is Belle Corp, which is majority owned by the Sy-led SM group. Belle is building the country’s largest casino complex targeted for soft opening in the fourth quarter this year.
The casino complex will make available 15,000 to 20,000 square meters of gaming space in the next three years with a total of 1,600 slot machines, 300 to 320 tables and 1,500 hotel rooms.