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Razon to invest US$100m in casino

Razon to invest US$100m in casino

Enrique Razon, the chairman of International Container Terminal Services Inc. and one of the 10 richest men in the Philippines, bought control of Bloombury Investments Holdings Inc., a Manila casino operator.
Razon will invest US$100 million in Bloombury, according to a statement received via e-mail. Razon owns 50 percent of Manila- based International Container, the largest Philippine port operator. His wealth is estimated at US$620 million, according to Forbes Asia in September 2009.
Bloombury is one of four companies that won casino licenses for a gaming and entertainment complex the Philippine government wants built in Manila. The Philippines gave the gaming licenses in 1998 to speed up the complex's construction as the nation seeks to catch up with casino resorts being developed in Asian cities including Macau and Singapore.
"Razon has the financial resources and connections to see this project through," said Jonathan Ravelas, a market strategist at Banco de Oro Unibank Inc. in Manila. "The Philippine gaming industry still has plenty of room for growth."
Bloombury competes with Henry Sy, the Philippines' richest man, and Genting Bhd, Malaysia's biggest casino operator. Sy is in talks for a partnership with Harrah's Entertainment Inc, the world's biggest casino operator, while Genting is in an alliance with Andrew Tan, owner of the fourth-largest Philippine builder.


Updated : 2021-05-16 15:22 GMT+08:00