Panama-based Thunderbird Resorts Inc. has set for soft opening within the second quarter its golf course and hotel in Poro Point, La Union, as the firm pursues opportunities for the country to serve as its gaming hub in Southeast Asia.
In a 2007 fourth-quarter report released last week, Thunderbird also said it plans to expand its casino at the former naval facility where it is undertaking a P5-billion multi-stage project.
Last November, the company announced that it was allocating some $14.5 million or some P600 million to complete expansion projects in both Cainta, Rizal--where its first facility is located--and Poro Point.
Additionally, Thunderbird had set aside $6.3 million or some P260 million for the construction of a third hotel and casino complex in Cavite City, where it has entered into a preliminary agreement to lease a property in the Island Cove area.
However, the firm said last week it had dropped plans for the Cavite project, citing delays in securing a gaming license.
At Poro Point in San Fernando City, Thunderbird is set to open a nine-hole golf course, which may be expanded to 18 holes depending on whether the government would agree to lease more land.
As for the hotel, it would be opened with an initial batch of 40 rooms although "there is space to expand modularly up to 250 rooms over time as demand merits."
Further, Thunderbird is considering to expand by 1,000 square meters its existing casino at Poro Point to allow for the addition of 120 slot machines and 56 tables as well as food and beverage operations.
Expansion work on the Poro Point casino--which currently has 177 slot machines and 192 tables--is expected to start within this quarter, with expanded operation set for the first quarter of 2009.
Last September, Thunderbird announced it was investing some P5 billion at the Poro Point freeport zone over the next five years to turn a 65-hectare area "into a travel destination that can compete with Phuket and Bali."
In developing a viable prime tourist drawer in La Union, Thunderbird was banking on the growing domestic and international markets that are seeking more and more sophisticated business and leisure offerings.
Last week, Thunderbird said its management believes that the Philippines "will provide additional opportunities for expansion in the future, as well as serving as our hub for further expansion into southeast Asia."
Thunderbird's current operations are spread over Panama, Costa Rica, the Philippines, Peru, Nicaragua and Guatemala.
In Cainta, Thunderbird has started work on the expansion of the hotel and casino facility to accommodate a 990-square-meter event center that can hold up to 900 people.
Aside from that, planned additions include those in the food and beverage area as well as 200 new slot machines and 28 tables.
Completion of expansion in Cainta--which currently has 292 slot machines and 193 tables--is expected in the fourth quarter this year.
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