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AAI to expand hotel-casino project in Pagcor City

13-Feb-12, 7:18 PM | Karen Martinez, InterAksyon.com

InterAksyon.com
The online news portal of TV5

MANILA, Philippines -- The listed gaming unit of port magnate Enrique Razon on Monday said it was looking to expand its hotel-and-casino project in Pagcor City.

Active Alliance Inc. (AAI) told the local bourse that it is negotiating with state-run Philippine Amusement and Gaming Corp. (Pagcor) for the lease of additional land.

"Additional lease of adjacent land is being negotiated with Pagcor to allow for the expansion of hotel space that Pagcor now requires for the project," AAI said.

Pagcor wants casino proponents at the Entertainment City to scale up their hotel projects before they are allowed to start gambling operations.

AAI's project, Solaire Manila, is a $1-billion project on 83,084 square meters of reclaimed land.

The project has a 14-storey complex with an 11-storey hotel and a 10-storey parking facility. AAI allotted 73,484 square meters for the hotel, restaurants, retail and recreation facilities, and another 22,268 square meters for the casino.

The company aims to finish the first phase this year.

Razon, who owns International Container Terminal Services Inc., also controls Bloomberry Resorts Corp., which would list through the back door using AAI.

AAI recently bought Razon-owned Sureste Properties Inc. for P5.867 billion. Sureste owns  the hotel component, while Bloomberry Resorts and Hotels Inc. holds the casino.

“AAI will now actively pursue the hotel casino business at the Entertainment City Manila through its wholly owned subsidiary, Sureste and its wholly owned subsidiary, Bloomberry,” the listed firm said.