Bloomberry Sets Up Corporate Vehicle for Cruise Terminal Business

Bloomberry Resorts Corporation (PSE: BLOOM) has established Bloomberry Cruise Terminals Inc. (BCTI) as its corporate vehicle to establish, manage and operate cruise terminals. This is a complementary line of business to BRC’s tourism and leisure business. The operation of this new company will start with the Tender Facility that BRC subsidiary Sureste Properties Inc. (SPI) will establish under a lease with the Philippine Ports Authority in the Port of Salomague in Cabugao, Ilocos Sur.

Another cruise terminal project that this new company will manage in the future is the proposed Solaire Cruise Center and Yacht Harbor. This is a project to be developed by SPI adjacent to and linked with Solaire Resort & Casino at the Entertainment City in Paranaque City, subject to regulatory approvals. The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) has recently approved the designation of the proposed Solaire Cruise Center and Yacht Harbor as a Tourism Enterprise Zone (TEZ), subject to certain conditions.