Bloomberry Resorts Corp. said it will start constructing an integrated resort and casino in Vertis North, Quezon City, its second in the country, by the middle of next year.
Bloomberry chairman and chief executive Enrique Razon Jr. said in an interview following the annual stockholders meeting’ the construction of the Quezon City casino project would be a part of the group’s strategy to capture the base mass segment in the north.
The project, which will also be under the Solaire Resorts and Casino brand, is slated for completion by 2022.
Razon said the development cost of the second casino project was still being finalized, along with the master plan for the whole property.
“We will complete the masterplan for the Quezon City casino project by January next year,” Razon said.
The planned mixed-use development with hotel and casino will sit on a 1.5-hectare property within the 45-hectare Vertis North that Bloomberry acquired from National Housing Authority in 2014.
Meanwhile, Bloomberry said it completed the purchase from Philippine Amusement and Gaming Corp. of the 16 hectares of land in Parañaque City where Solaire and its expansion area is located.
Razon said the land acquisition, which amounted to P37.33 billion, would place the company on equal footing with other integrated resorts that own their land.
Razon said he was hoping that Bloomberry would sustain the strong first-quarter growth performance in the remainder of the year.
“We foresee that tourism will continue to play a significant role in the growth of the Philippines integrated resorts. Growth will likewise be boosted by the rise in middle-class incomes and increasing connectivity across the region,” Razon said.
“In Entertainment City, infrastructure and real estate project are being constructed at a rapid rate, and this should drive increased foot traffic into Solaire,” he said.
Bloomberry posted a record net income of P3.69 billion in the first quarter, up 71 percent from P2.15 billion a year ago, on all-time high revenues across all gaming segments.
First-quarter gross revenues hit P14.5 billion, up 26.6 percent from P11.3 billion recorded in the same period last year.
The $1.2-billion Solaire Resort & Casino is the first integrated destination resort that opened in Entertainment City. The complex includes a five-star hotel with a total of 800 guest rooms, suites and villas, as well as retail, dining, and gaming areas.