By James A. Loyola
Bloomberry Resorts Corporation (BRC) has established a wholly-owned subsidiary called Bloomberry Cruise Terminals, Inc. (BCTI) as its corporate vehicle for the group’s new cruise terminals business.
In a disclosure to the Philippine Stock Exchange, Bloomberry said this is a complementary line of business to its tourism and leisure business.
“The operation of this new company will start with the Tender Facility that BRC subsidiary Sureste Properties, Inc. (SPI) will establish under a lease with the Philippine Ports Authority in the Port of Salomague in Cabugao, Ilocos Sur,” the gaming firm said.
It added that, “another cruise terminal project that this new company will manage in the future is the proposed Solaire Cruise Center and Yacht Harbor.”
This is a $308-million project to be developed by SPI adjacent to and linked with Solaire Resort & Casino at the Entertainment City in Parañaque City, subject to regulatory approvals.
The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) has recently approved the designation of the proposed Solaire Cruise Center and Yacht Harbor as a Tourism Enterprise Zone (TEZ), subject to certain conditions.
Bloomberry Chairman and Chief Executive Officer Enrique K. Razon Jr. said earlier that they are on track to start construction of the Cruise Center project in the bay area within the third quarter of the year, with completion of Phase 1 by 2021.
The first phase will feature a pier, retail and immigration facilities, customs area, quarantine, shops, and other food and beverage spaces.