The Philippines’ leading gaming operator, Bloomberry Resorts Corp., has announced plans to unveil its Solaire Resort North casino complex by May 25th.
This $1 billion project, located in Quezon City, is poised to strengthen Solaire’s standing as a premier destination for luxury entertainment. The resort aims to provide an enhanced experience to visitors from the northern districts of the metropolis, according to the company.
Enrique Razon, Bloomberry chairman, spoke to shareholders on Thursday and stated that it would require a minimum of one year to achieve the initial ramp-up, with a full ramp-up anticipated within the second year. Thus, by the end of the two-year period, it is expected to be fully operational.
“We are currently running simulations to make sure that all aspects of the property — from interior finishes to gaming equipment and service — are at the highest levels of quality. 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 added.
According to the report, Razon mentioned that their trifecta of offerings, including Solaire in Entertainment City, Solaire Resort North, and Solaire Online, positioned Bloomberry “far ahead of the competition,” placing them in a very strong position to capitalize on the increasing demand for gaming entertainment in the Philippines and within the Asia-Pacific region.
Solaire Resort North, spanning 1.5 hectares, will stand as the sole luxury resort offering five-star amenities in Quezon City. The establishment prides itself on featuring 526 hotel rooms and suites, along with 2,669 electronic gaming machines and 163 tables spread across four casino levels.
According to the company’s latest financial results, Bloomberry reported consolidated net income of PHP 9.5 billion ($170 million) for 2023, an 85 percent increase from 2022. Their total gross gaming revenue (GGR) at Solaire was PHP 58.3 billion ($1.03 billion), 16 percent higher than the PHP 50.1 billion ($89 million) recorded in 2022.
In the same shareholder meeting, Razon also highlighted that as the company’s revenue is driven by the domestic market, the company’s performance will benefit from the further growth of the Philippines economy.
“We also anticipate benefiting from the improving inbound visitation as the World Tourism Organization sees the recovery of tourism in the Asia-Pacific region accelerating towards pre-pandemic levels in 2024,” Razon added.
