Businessman Enrique K. Razon Jr., the controlling shareholder of International Container Terminal Services Inc. is putting up a P20 billion ($400 million) gaming and hotel complex for his first foray into the local gaming business.

Razon has acquired a controlling interest in Bloombury Investments Holdings Inc. (Bloombury) from fellow businessman Jose CH. Alvarez and will be infusing P5 billion ($100 million) in fresh equity.

Bloombury is one of four companies which have been granted a provisional license to establish and operate a gaming and entertainment complex for the Bagong Nayong Pilipino Entertainment City of the Philippine Amusement and Gaming Corporation (PAGCOR) at the Manila Bay Reclamation Area in Parañaque City.

In a statement, Razon said Bloombury is in the final stages of the design development for the initial phase of the project. Construction is expected to commence by the third quarter of this year at an estimated Phase 1 Project cost of around $400 million.

On completion, the complex will include two five star luxury hotel towers of over 1,000 rooms within a world-class Entertainment and Convention facility. The ultra modern complex is expected to be fully operational in two years, and hopes to draw in large groups of tourists.