Bloomberry Resorts Corp., the owner and operator of Solaire Resort & Casino, is set to start construction of a $308-million cruise port in Parañaque City in the third quarter of the year.
Bloomberry chairman and chief executive Enrique Razon Jr. said in an interview at the sidelines of the annual stockholders’ meeting the firm completed the master plan for Solaire Cruise Center.
“We are set to start construction in the third quarter of the year and hope to complete phase one by 2021,” Razon said.
Razon submitted a proposal to the Duterte administration last year to build a cruise port facility in Parañaque. The proposal includes marine and terminal facilities, homeport and port-of-call operations, an expanded harbor offering dining, retail, shopping, entertainment and maritime recreation and walkable esplanades and plazas.
The project is expected to be a catalyst for economic development as the company aims to develop a Philippines-centric cruise industry with a domestic itinerary. It also hopes to decongest traffic around the airport.
Razon said the Bloomberry was also set to proceed with the construction of Solaire Metro North in Vertis North Complex in Quezon City. This will be the group’s second integrated resort casino in the country.
“We aim to break ground within the year,” Razon said.
Razon said while the master plan was already completed, the company was still finalizing the budget for Solaire Metro North.
Bloomberry announced in February that it obtained a P40-billion loan to fund the second casino project.
Bloomberry reported a record consolidated net profit of P7.16 billion in 2018, up 18 percent from 2017 level on double-digit growth of gaming revenues. JBA
Net revenues grew 6 percent to P38.22 billion from a year ago despite the ramp-up of Okada Manila, the newest player within Entertainment City.
Total gross gaming revenues at Solaire amounted to P50.97 billion, up by 14 percent year-on-year. Visits to Solaire increased 13.8 percent in 2018.
“Our flagship, Solaire Resort and Casino, maintained its market lead in the Philippines and continued to see operating efficiencies despite the ramp-up of a new competitor within Entertainment City,” Razon said.
The stock price of Bloomberry closed lower by 0.62 percent to P12.78 Thursday.