Philippines’ Bloomberry looks to South Korean Venture

Philippines-based Bloomberry Resorts Corp, operator of the Solaire casino, says it is looking to develop a casino and entertainment complex in South Korea with the purchase of property in the Incheon Free Economic Zone.

The 12.2 hectare property is located on the Muii Island, which is west of Seoul and accessible by boat.

Bloomberry Resorts, led by ports magnate, Enrique Razon, said the property is to be purchased through its Korean subsidiary, Solaire Korea Co., Ltd.

Officials in South Korea, which is currently looking to boost its casino and tourism market, says it will approve two new casino resorts with the hope of selecting operators later in 2015.

The operators are required to invest at least $925 million in the resorts.

Bloomberry executives say the resort could be completed within five years once the go ahead was given by the government. The company says it plans to go ahead as a solo venture rather than with partners.

South Korea’s Paradise Co Ltd and Japan’s Sega Sammy Holdings Inc. together have invested 1.3 trillion won in a project now under development. Another is the Caesars Entertainment Corp. and Lippo Ltd with an offer to invest 2.3 trillion won in an integrated resort expected to be complete by 2018.