May 13, 2014 / 2:20 AM / 4 years ago

Philippines' Ayala Land to operate mall at $1.2 bln Solaire casino venture

MANILA, May 13 (Reuters) - 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)

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