Bloomberry Resorts Corp, listed in the Philippines, launched the Solaire Resort North complex in Quezon City, northeast of Manila, on May 25. This new US$1.0-billion casino property features 526 rooms and suites, with 2,669 electronic gaming machines and 163 tables spread across four levels. The company confirmed that VIP operations at the resort are scheduled to start in early September, with the grand opening set for the evening of September 8.
A spokesperson for Bloomberry mentioned that the exact number of tables for the VIP areas, located on the 36th and 37th floors, has yet to be determined.
On Wednesday, Bloomberry reported a consolidated net income of just under PHP1.34 billion for the second quarter, with EBITDA at nearly PHP3.64 billion, reflecting a 26.2 percent sequential decline and a 33.4 percent drop compared to the previous year. Enrique Razon, Bloomberry’s chairman and CEO, expressed satisfaction with the early performance of Solaire Resort North, which generated a positive EBITDA of PHP250 million in its first 37 days of operations. The property also recorded a mass table drop of PHP2.25 billion and slot coin-in of nearly PHP10.38 billion in its initial contribution to the second quarter.
In a separate announcement, Bloomberry introduced an “annual dividend policy” aimed at enhancing shareholder value. The company noted that Solaire Resort North is expected to further boost the group’s cash flows as it continues to ramp up operations in the coming quarters.
Solaire has always been one of the top performers in the land based casino gaming industry. With its expansion into the northern part of Metro Manila, it could serve a market that is still untapped due to the distance or traffic conditions going to Entertainment City.