By Leslie D. Venzon
MANILA, April 16 (PNA) — Philippine casino operator Bloomberry Resorts Corp. plans to invest over USD 1 billion in developing an integrated casino complex in South Korea by 2017 and now is in talks with a partner for the project.
Bloomberry chairman Enrique Razon said the company was presenting the masterplan of the multi-billion dollar project to the South Korean government for securing a gaming license.
“It’s a multi-purpose development. It’s not just a casino and a hotel, there is a residential aspect, a commercial aspect, it’s a whole planned sort of tourism community,” he told reporters on Thursday.
However, Razon said that once the South Korean government rejected granting a gaming license to the proposed integrated casino complex, the project would just involve tourism and commercial development.
He said the South Korean project would be similar to Bloomberry’s Solaire Resort and Casino development in the Entertainment City Manila, “but the overall development there is much bigger.”
“It’s not for diversification sake, we think it’s going to be a very good business. Korea got 10.11 million tourist from Asia last year, Jeju alone is four million,” he said.
Bloomberry last month acquired an existing casino operator on Jeju island and a property in Silmi Island.
Razon said the South Korean government was building a bridge to the island, which is expected to be completed in 2017.
He said the company could not start the construction of the integrated casino complex until the bridge was completed.
Razon said Bloomberry was preparing the project masterplan parallel to the construction and was also talking with South Korean partner that could bring in its local expertise and market knowledge. (PNA)