Bloomberry In Talks With Pagcor For More Land For Hotel

MANILA, Philippines - Active Alliance Inc., recently acquired by business tycoon Enrique Razon Jr. for the backdoor listing of his $1 billin gaming venture, is negotiating with Philippine Amusement and Gaming Corporation for the additional land for hotel space.

In a disclosure to the Philippine Stock Exchange, AAI said the 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 is acquiring Razon's Sureste Properties which owns Bloomberry Resorts and Hotels Inc. Once Razon's takeover of AAI has been formalized, AAI will change its name to Bloomberry Resorts Corporation.

Phase I of Bloomberry's hotel-casino project is being constructed on an 83,084 sq. meters area of reclaimed land leased from Pagcor located at Pagcor 's Entertainment City Manila project in Parañaque City.

The Sureste-Bloomberry hotel casino project, to be called "Solaire Manila" is a world class and five-star hotel casino project requiring a minimum investment of $1 Billion under the Provisional License issued by Pagcor to Bloomberry in 2009.

Phase I of the Project is a 14 storey building complex with an 11 storey hotel on top of a 3 level podium, and a 10 storey parking building with an 11th floor for machines and equipment.

The Phase I hotel, restaurants, retail, recreation and back-of-house facilities will occupy approximately 73,484 sq. meters.

The casino and gaming area will occupy approximately 22,268 sq. meters.

AAI will now actively pursue the hotel casino business at the Entertainment City Manila (ECM) through its wholly owned subsidiary, Sureste and its wholly owned subsidiary, Bloomberry.

The existing corporate organization of Sureste and Bloomberry which were established for the development and construction of the hotel casino project will continue and will be reinforced to pursue the completion of the construction of the project, and to prepare for the opening and operation of the hotel casino.