Bloomberry bullish on opening of Solaire Resort in QC on May 25

Bloomberry Resorts Corp. is bullish about the prospects of the company this year with the upcoming opening of its second Solaire Casino & Resorts in Quezon City next month.

Bloomberry chairman and chief executive Enrique Razon Jr. said during the company’s virtual annual stockholders meeting Thursday the company is focused on the launch of Solaire Resort North in Quezon City on May 25, 2024.

“Solaire Resort North will introduce our signature five-star brand of gaming leisure entertainment to a broader market within the country and elevate the regional competitiveness of the Philippine gaming industry,” Razon said.

Razon said he expects Solaire Resort North to fully ramp up its operations two years after opening.

Razon said the group would not start any expansion plans within its flagship casino in Paranaque City or new developments within its newly-acquired property in Cavite until Solaire North is at full capacity.

“Once Solaire North is fully ramped-up, and both properties are generating certain expectations that we have, then we will start developing our property in Ternate, Cavite,” he said.

Razon said the company also increased its focus on the group’s online business by offering enhancements to the existing platform and expanding its online gaming team to work on more modifications.

“Putting Bloomberry far ahead of the competition, our trifecta of offerings—Solaire in Entertainment City, Solaire Resort North and Solaire Online—places us in a very strong position to take advantage of increasing demand for gaming entertainment in the Philippines and within the Asia-Pacific region,” Razon said.

Aside from continued growth of the domestic economy, Razon said Bloomberry would also likely benefit from improving inbound visitation.

Bloomberry reported consolidated net income of P9.5 billion in 2023, a 85-percent increase from P5.1 billion in 2022 on the back of higher gaming revenues from the mass market.