BLOOMBERRY Resorts Corp. is advancing land acquisition for its planned third Solaire-branded integrated resort in Paniman, Ternate, Cavite.
Bloomberry Resorts Corp., through its subsidiary Solaire Properties Corp. (SPC), had acquired 223 lots covering a total of 2.04 million square meters (sq.m.) as of Dec. 31, according to a regulatory filing.
In May 2022, Bloomberry, through SPC, entered into an agreement to purchase 2.80 million sq.m. of land in Paniman at an average price of P2,700 per sq.m. from landowners Boulevard Holdings Inc., Puerto Azul Land Inc., Ternate Development Corp., and Monte Sol Development Corp.
“SPC intends to develop the Paniman property into an integrated resort and entertainment complex with a world-class casino, hotel, golf course, commercial, residential, and mixed-use development,” Bloomberry said.
The development timeline for the Paniman project has yet to be finalized, the company said.
“Bloomberry is continually exploring potential projects in the Philippines and other parts of the world,” it added.
Bloomberry said it aims to develop and open the Paniman property within the next five to ten years as land acquisition progresses.
The Paniman project will be Bloomberry’s third integrated resort in the Philippines, following Solaire Resort Entertainment City in Parañaque City and Solaire Resort North in Quezon City, which opened in May last year.
Bloomberry also has a presence in Jeju Island, South Korea, through the Jeju Sun Hotel & Casino.
In 2024, Bloomberry reported a 73% decline in net income to P2.6 billion from P9.5 billion in 2023, due to higher depreciation and interest expenses from Solaire Resort North, as well as a P706.3-million one-off gross receipts tax charge.
Gross gaming revenue rose by 6% to P61.7 billion, driven by new contributions from Solaire Resort North.
On Tuesday, Bloomberry shares dropped 5.56% or 21 centavos to P3.57 apiece. — Revin Mikhael D. Ochave
