Bloomberry Resorts Corp., the developer of Solaire Resort and Casino, said it remains upbeat about the domestic gaming industry despite the planned opening of the Okada-owned casino and entertainment complex within government-sponsored Pagcor Entertainment City in Parañaque City.
“We are upbeat that despite the growing supply and capacity in the Philippine gaming sector, demand will eventually catch up through an improving domestic market, growing international tourist arrivals and our ramp up in the global marketing for Solaire,” Bloomberry chairman and chief executive Enrique Razon Jr. said during the annual shareholders’ meeting of the company.
Razon is also unperturbed about the opening of a third player in the Entertainment City.
Tiger Resort Leisure and Entertainment Inc. of Japanese billionaire Kazuo Okada is set to open its $2.7-billion integrated entertainment and gaining facility by the end of 2016.
“Our experience with City of Dreams Manila is that we still had higher revenues when they opened. Hopefully the same thing will also happen,” Razon said.
Razon said the Entertainment City would be ready to compete head on and in a larger scale in terms of world-class services and first rate, total leisure and entertainment experience once the road infrastructure around the area is completed.
He referred to the access infrastructure to and from Entertainment City from SLEx Skyway and the Ninoy Aquino International Airport as well as the arrival of new players in the next few years
Meanwhile, Razon said the company implemented an extensive cost containment program to ensure the continued growth of the company.
The company is also focusing in developing a mixed-use development with a casino facility within its 1.5-hectare property in Vertis North, Quezon City.
Razon said the company planned to start developing the property, which it acquired from National Housing Authority in 2015, by the middle of next year.
Razon also expects its casino venture in South Korea to break even this year. Blooomberry last year purchased Jeju Sun Hotel & Casino in Jeju Island in Korea.
Aside from the Jeju Sun Hotel & Casino, Bloomberry acquired two islands in South Korea, the 20.96-hectare Silmi Island and the 12.2-hectare Muui Island.
“We are very excited about the potential of these properties and have recently decided to focus on expansion plans in Korea solely on these two islands,” Razon said.