Property giant Ayala Land Inc. (ALI) has secured a deal with the owner and operator of the Solaire Resorts and Casino to build a retail development area inside the $1.2-billion casino complex located in Pagcor’s Entertainment City in Pasay.
Under the agreement, ALI will be the leasing and marketing agent of the retail development with a gross leasable area of more than 5,000 square meters.
In separate filings with the Philippine Stock Exchange, ALI and Sureste Properties Inc., a wholly owned subsidiary of Bloomberry Resorts Corp., said they have signed the terms of reference for the retail area to be opened in the new Phase I-A of Solaire.
Bloomberry, owned by port and casino magnate Enrique Razon, is the owner of Solaire.
“The retail component will have premium brands to complete the offering of Solaire Resort and Casino,” Bloomberry said. No other details were given by Bloomberry and ALI.
It was earlier reported that Bloomberry targeted to complete Phase 1A of the expansion of Solaire by the third quarter of this year.
More than three months ago, Bloomberry raised as much as P11.4 billion from the issue of debt notes, in partnership with a group of local banks, to provide partial funding to expand its Solaire project in Pasay.