Bloomberry Resorts Corp. of the Philippines said Tuesday it will buy land on a western island in South Korea and a local casino operator in a bid to build a new casino resort outside its home base.
Bloomberry, which owns the $1.2 billion Solaire Resort and Casino in Manila, agreed to buy a 12.2 hectare plot of land on Silmi Island, west of Seoul, according to its report submitted to the local stock exchange.
Solaire Korea Co., a Korean subsidiary of Bloomberry, will acquire the property on Silmi Island, the firm said, without disclosing investment details.
The land is “intended to be developed into a leisure and tourism complex with entertainment facilities and mixed-use developments,” the company said.
Solaire Korea also signed a deal to purchase up to 92 percent of Golden & Luxury Co Ltd., which operates T.H.E. Hotel & Vegas Casino on the southern resort island of Jeju, it said.
The deal comes two months after the company signed a deal to buy 12.2 hectares of real estate on Muui Island, adjacent to Silmi Island, part of the Incheon Free Economic Zone. The islands are close to Incheon International Airport, the nation’s main gateway.
Bloomberry has been seeking to expand into the global market, eying South Korea, which has been seeking to ease casino regulations to boost its economy. Seoul earlier this year announced plans to approve two more casinos. (Yonhap)
