Solaire Resort North to start VIP operations in September

Bloomberry Resorts Corp has confirmed that Solaire Resort North, a new casino complex in Quezon City, northeast of Manila, will launch VIP operations in early September.

The Solaire Resort North complex, which opened on May 25, features 526 rooms and suites and a casino with 2,669 electronic gaming machines and 163 tables spread across four levels. However, the company has not yet confirmed the number of tables that will be allocated to the new VIP areas.

Solaire Resort North’s VIP gaming venues will be located on the 36th and 37th floors, with an opening ceremony scheduled for the evening of September 8.

On Wednesday, Bloomberry reported a consolidated net income of just under PHP1.34 billion (US$23.7 million) for the three months ending June 30. The company also operates Solaire Resort & Casino in Manila.

The firm’s second-quarter consolidated earnings before interest, taxation, depreciation, and amortization (EBITDA) stood at just under PHP3.64 billion, down 26.2 percent sequentially and 33.4 percent lower than the previous year.

Enrique Razon, Bloomberry’s chairman and chief executive, stated that Solaire Resort North recorded a positive EBITDA of PHP250 million in its first 37 days of operations. He expressed satisfaction with the property’s ramp-up pace, comparing it favorably to the launch of Solaire in Entertainment City 11 years ago.

Solaire Resort North generated a mass table drop of PHP2.25 billion and nearly PHP10.38 billion in slot machine coin-in during its contribution to the second quarter.

In a separate announcement on Wednesday, Bloomberry revealed the establishment of an annual dividend policy to enhance shareholder value. The company anticipates that Solaire Resort North will boost the group’s cash flows as it ramps up in the coming quarters.

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