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Philippines
Friday, March 29, 2024

Casino operator remains positive

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The Philippine gaming industry posted a 48-percent growth in terms of gross gaming revenue in the first quarter, before a lone gunman attacked Resorts World Manila on June 2.

“It’s growing stronger this year, so far 48 percent [in terms of growth],” said Enrique Razon Jr., chairman and chief executive of Bloomberry Resorts Corp. at the sidelines of the company’s annual stockholder’s meeting.

Razon, whose company operates Solaire Resort & Casino in Parañaque City, said it was too early to determine the impact of the recent Resorts World incident which claimed the lives of 38 people including the suspect. 

Enrique Razon Jr.

“We’ll have to see, once the investigation is concluded and measures are done to prevent a repetition of such a thing in the future,” Razon said.

Razon said the gaming industry was “extremely sensitive” to these type of incidents but the impact could be softened as authorities ruled out terrorism in the June 2 incident.

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He said Solaire experienced around 40 booking cancellations shortly after the attack.

Razon said Solaire’s security measures were heightened since the Davao bombing and the Marawi ongoing conflict. Solaire has around 400 security personnel.

Razon also said the company was waiting for market indication for its planned expansion program including the second phase of Solaire property in Parañaque and a new facility in Quezon City.

Bloomberry posted a net income of P2.15 billion in the first quarter, a reversal of the P1.15-billion net loss it incurred in the same period last year, on record gaming revenues.

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