26 June 2012, Business World Online

by Emilia Narni J. David

 

BLOOMBERRY RESORTS Corp. has agreed to provide funding for a road project earlier described as a link between its casino complex and the Ninoy Aquino International Airport (NAIA), the firm disclosed to the bourse yesterday.

The firm’s board of directors has agreed to allow the signing of a memorandum of agreement “with the Philippine Amusement and Gaming Corp. (PAGCOR), together with the other licensees of PAGCOR in the Bagong Nayong Pilipino Entertainment City, for an infrastructure support facility for the NAIA Expressway project,” a disclosure read.

Bloomberry is building the five-star Solaire Manila casino resort in the complex, which will also feature similar projects by developers Travellers International Hotel Group, Inc., SM Consortium, and Tiger Resorts Leisure and Entertainment, Inc.

The planned NAIA road project is a P13.575-billion, four-lane elevated expressway that will run 5.2 kilometers from the airport to Roxas Boulevard according to the Department of Public Works and Highways Web site.

It was approved by the National Economic and Development Authority Board on May 31.

Construction is expected to begin sometime this year until 2015, earlier reports show.

The government said it wants to offer the NAIA Expressway as the next public-private partnership (PPP) deal this month.

Since the NAIA Expressway will be a link to PAGCOR’s Entertainment City in Parañaque, the government had said funding could come from licensees in the area.

PAGCOR had earlier said project proponents were open to help fund the project and contributing at least P1 billion each, with the amount to be reckoned as part of their investment commitment.

In the meantime, Bloomberry has began construction on a 300-room hotel as part of the Solaire Manila casino-resort on March 30.

According to earlier reports, the first phase of the 14-storey Solaire Manila will feature an 11-storey hotel atop a three-level podium, as well as a 10-storey parking building, with the casino and gaming area alone expecting to occupy some 22,268 square meters.

Its shares closed at P8.87 apiece yesterday, down by 0.34% from its previous close. –Emilia Narni J. David