
Solaire North
In the past week, Bloomberry Resorts Corp’s stocks experienced robust trading activity on the Philippine Stock Exchange, emerging as one of the most actively traded. Positive market sentiment, especially in anticipation of the upcoming opening of Solaire Resort North in Quezon City, fueled this surge in trading. According to reports from local business media outlet BusinessWorld, the total value of Bloomberry shares traded reached Php654.6 million from January 22 to 26, resulting in an 8.7% increase in the stock price to Php10.98. Year-to-date, Bloomberry shares have risen by 11.6%.
Foreign investors showed significant interest in Bloomberry, as evidenced by net foreign buying in four out of five trading sessions, amounting to Php269.32 million. Despite the absence of significant news about Bloomberry during the week, analysts attribute the positive price movement to strong foreign interest, citing the opening of Solaire Resort North as a potential catalyst.
Rastine Mackie D. Mercado, the research director at China Bank Securities Corp, commented, “While there appears to be no material news flows on Bloomberry last week, we think the stock’s positive price action can be partly attributed to strong foreign interest, as net foreign buying this week amounted to Php269 million.” Mercantile Securities Corp analyst Jeff Radley C. See highlighted investors’ anticipation of the Solaire Resort North’s opening in March 2024, expecting it to boost Bloomberry’s revenue.
Solaire Resort North, scheduled to open in early 2Q23, has faced delays due to the COVID-19 pandemic. Bloomberry Chairman and CEO Enrique K. Razon Jr described the new property as “an upscale mass-focused offering” that, alongside Solaire and the revamped Solaire Club, aims to expand the company’s gaming footprint to tap into post-pandemic domestic and regional demand. This new integrated resort will be Bloomberry’s second in the Philippines, following the successful Solaire Resort Entertainment City, which opened in 2013 and currently leads the market.
More investments in the gaming industry means the operators can give better experiences to players and in turn, could also generate more player acquisition and retention. This means more revenues and a better gaming experience for everyone.