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Firm starts $1B casino project in Pagcor area

First Posted 20:52:00 02/22/2011

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MANILA, Philippines?Gaming company Bloomberry Resorts and Hotels Inc., owned by businessman Enrique Razon Jr., has started the construction of its $1 billion casino at the Philippine Amusement and Gaming Corp.?s (Pagcor) Bagong Nayong Pilipino Entertainment City Manila in Paraaque City.

In a statement, the company, formerly Bloombury Investment Holdings Inc., said it had its first concrete pouring for the new facility, which will be built by infrastructure giant DM Consunji Inc.

The Entertainment City project features an integrated resort facility including a five-star, 500-room hotel covering an area of 8.3 hectares. It will also feature a state-of-the-art meeting and convention and ballroom venues, restaurants as well as health and wellness facilities.

Gracing the event were Senate President Juan Ponce Enrile, Paraaque City Mayor Florencio Bernabe, Paraaque City Vice Mayor Gustavo Tambunting, Pagcor director Eugene Manalastas and Banco de Oro chairperson Teresita Sy.

The facility is expected to generate 4,000 new jobs once it starts operations by the third or fourth quarter of 2012.

The Bagong Nayong Pilipino Entertainment City Manila is a multibillion-dollar project of Pagcor covering 120 hectares of prime reclaimed land at the southeastern portion of the Manila Bay in Paraaque City.

It is also a registered economic zone under the Philippine Economic Zone Authority.

Razon, who runs port giant International Container Terminal Services Inc., acquired a controlling stake in Bloombury Investments Holdings Inc. from businessman Jose Alvarez.

Despite being a newly formed company without any proven track record in the industry, Bloomberry in 2008 was among four companies awarded the right to develop parts of the Manila Bay reclamation area into a world-class gambling complex.

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