Last week, Enrique Razon Jr., chairman of Philippines’ International Container Terminal Services Inc., told local reporters that he is increasing his stake in Bloombury Investments Holdings Inc., to US $400 million, so that US $300 million is allocated to the casino project the company will start building in the 800-hectare Bagong Nayong Pilipino Entertainment City at the Manila Bay reclamation area in Parañaque City.

After gaining control of Bloombury, Razon Jr said that the company had gained in confidence from the increasing popularity of the gaming industry in the country, and that the possibility of “teaming up with other businesses would be explored once the project neared its completion”. The project, which will start in the third quarter, will include two 5-star hotels with more than 1,500 rooms.

Bloombury was one of four companies that won casino licenses from state-owned Philippine Amusement and Gaming Corp. (PAGCOR) for the gaming and entertainment complex scheduled at the Manila Bay reclamation area in Parañaque City. The Philippines gave the gaming licenses in 1998 to speed up the complex’s construction as it seeks to catch up with casino resorts being developed in Asian cities, including Macau and Singapore.

Razon, the country’s eighth richest man according to Forbes Asia in September, added that the Philippines had to compete with Singapore, Macau, Taiwan and Korea amid a boom in the casino business. (E-04.19.10)

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