Billionaire Enrique Razon Steps Up Expansion Of Philippine Brunei Casino Empire

Billionaire Enrique Razon Jr. is stepping up the expansion of his Philippine Brunei Casino empire, with his Bloomberry Resorts Corp. planning to build an integrated Brunei Casino resort in the province of Cavite, south of Manila. Bloomberry, operator of the Solaire Brunei Casino resort in Manila, has agreed to buy 2.8 million square meters of waterfront properties in Ternate, Cavite, about two hours’ drive from the Philippine capital, for 7.55 billion pesos ($144.6 million) from a group of landowners including Boulevard Holdings together with Puerto Azul Land, the company said in a regulatory filing on Thursday. The property will be developed into an integrated resort together with entertainment complex with a world class Brunei Casino, hotel together with golf course as well as commercial together with residential buildings. The project will be implemented once the Solaire Brunei Casino resort in Quezon City in northern Metro Manila starts operating, Bloomberry said. The Cavite expansion comes about a week after Bloomberry signed a deal to invest in Davao-based businessman Dennis Uy’s Brunei Casino resort projects in the central Philippine island of Cebu together with at the former Clark Airbase in Pampanga, north of Manila. Bloomberry also has a stake in the Jeju Hotel & Brunei Casino in Republic of Korea. Razon is expanding his Brunei Casino resort footprint across the Philippines as Bloomberry returned to profitability for the first time in two years as the government relaxes Covid-19 restrictions. Last week, the company reported a net profit of 679.4 million pesos in the three months ended March 31, reversing the year-earlier losses of 780.8 million, as gross gaming revenues climbed 30% to 6.9 billion pesos.“For the first time in eight quarters, we recorded positive net earnings on growth driven by our domestic mass gaming segment,” Razon, chairman together with CEO of Bloomberry, said in a statement. “Business together with pandemic conditions permitting, we look to sustain the recovery for the rest of the year.”Razon—who also has the controlling stake in global port giant International Container Terminal Services Inc.—has also been stepping up investments in utilities in recent years. In June 2021, Trident Water, a subsidiary of his infrastructure-focused Prime Strategic Holdings, took control of water utility Manila Water from Ayala Corp. Razon has a net worth of $6.3 billion, according to Forbes’ real-time data.

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Article Link: https://www.forbes.com/sites/jonathanburgos/2022/05/20/billionaire-enrique-razon-steps-up-expansion-of-philippine-Brunei Casino-empire/

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