MANILA May 13 Philippine property developer
Ayala Land Inc said it has partnered with Bloomberry
Resorts Corp to operate a mall at Bloomberry's $1.2
billion Solaire complex, Manila's newest gaming hub, to be
opened later this year.
Ayala Land, a unit of Philippine conglomerate Ayala Corp
and one of the country's top property firms, said in a
statement on Tuesday it has signed a deal with Bloomberry unit
Sureste Properties Inc.
"The retail component will have premium brands to complete
the offering of Solaire Resort & Casino," Ayala Land said,
without disclosing financial terms of the deal.
Ayala said it would lease and market an area of more than
5,000 square meters at the Solaire Resort & Casino, to be opened
at Entertainment City along Manila Bay. Solaire's first phase
opened in March last year and expansion is under way.
The project from Bloomberry, owned by the Philippines'
fourth-richest person, Enrique Razon, is the first of four
planned integrated resorts expected to rise at Entertainment
City, a massive development designed to give wealthy Asian
gamblers an alternative to the Chinese casino city of Macau.
Bloomberry initially estimated Solaire to cost $1 billion
but later said it expected its investments in the project to
reach $1.2 billion.
The company competes with Travellers International Hotel
Group Inc and will face more competition when Melco
Crown Philippines Resorts Corp opens its City of Dreams
casino complex in Manila's Entertainment City later this year.
(Reporting by Erik dela Cruz; Editing by Kenneth Maxwell)