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Bloomberry Resorts Applies for Cruise Ship Port Approval

Earlier this week, a subsidiary of the Philippines-based casino owner and operator Bloomberry Resorts Corp. has applied for a cruise ship port with the Tourism Infrastructure and Enterprise Zone Authority (TIEZA). The announcement followed a media report dated last week, according to which the company planned to make a $5.9-million investment in the development of a cruise port in Paranaque City.

The TIEZA revealed that the application for the cruise ship port project was filed by Sureste Properties Inc., a fully-owned subsidiary of Bloomberry, with the port set to serve the company’s Manila-based Solaire Resort and Casino. The Authority also added that the Bloomberry subsidiary’s proposal has already been forwarded to the Office of the President.

According to information released by TIEZA, President Duterte had not objected to the proposed development and had also found that the cruise ship port project had been in line with the required permissions and environmental clearances. He, however, explained that he was to remain focused on his policy not to tolerate corruption, as well as to the policy of keeping local environment intact.

Several Governmental Departments’ Approval Needed

The company has explained that the proposal would need to get the green light from several governmental departments before construction works are given a start. Bloomberry has also confirmed that its proposed $308-million development is currently under evaluation with TIEZA. As the operator said, the final configuration and cost of the project would depend on the technical study of the requirements under the application, as well as on the approvals that the company would get from local regulators and of course, on the market demands.

The cruise ship port development is to include both marine and terminal facilities as well as expanded entertainment and pastime facilities, such as dining, retail and maritime recreation options that are to be situated at an expanded harbor area. According to TIEZA, the cruise port is to take about a decade to be built.

The first phase of the project, which has been estimated at $82 million and is expected to take approximately two years to start operation, would prioritize the key navigation components for the so-called Solaire Cruise Centre (SCC) and the construction of the homeport’s berth, as revealed by TIEZA. The latter also explained that the proposal should be applied to be classified as a Tourism Enterprise Zone.

This April, Bloomberry Resorts’ subsidiary Sureste Properties revealed that it had agreed to pay the amount of PHP37.33 billion for the two plots of land where its Solaire Resort and Casino is situated. The beginning of the year turned out to be quite successful for Bloomberry, as the latter reported a 71% net profit increase in the first fiscal quarter compared to the result posted a year earlier.

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