The chairman and chief executive of Philippine casino developer and promoter Bloomberry Resorts Corp anticipates that its operations at Solaire Resort North, a new casino complex at Quezon City set to open in May, will reach full capacity by 2026.
Enrique Razon, as cited by local media during the company’s annual meeting of stockholders, stated, “We should fully ramp up within two years.”
Bloomberry’s first and only Philippine property, Solaire Resort & Casino, opened in 2013 at Entertainment City, Manila. The company also manages the Jeju Sun Hotel & Casino in Jeju, South Korea.
Mr. Razon also indicated that the company will prioritize ramping up the operations of Solaire Resort North before commencing other projects, including Phase 2 of Solaire Resort & Casino, and a planned casino project at Paniman, a coastal community in Cavite, approximately 66 kilometers southwest of Metro Manila.
“There’s no specific timeline. It all depends on market conditions over the next several years,” he reportedly said. “Once Solaire North is fully ramped up, and both properties meet our cash flow expectations, then we will probably launch the Paniman project,” stated Mr. Razon, as cited by the Business Mirror outlet.
The next few years present a compelling case for growth. The Philippine economy, from which we derive most of our revenue and profitability, is estimated by the government to grow between 6 to 7 percent in 2024 and between 6.5 to 7.5 percent in 2025
Enrique Razon, Chairman and CEO Bloomberry Resorts Corp.
In March, Bloomberry reaffirmed the May opening schedule, describing Solaire Resort North as a US$1.0-billion scheme covering 1.5 hectares and rising 38 floors. The company stated that Solaire Resort North would feature “526 opulent guest rooms and suites; 2,669 electronic gaming machines; and 163 tables across four casino levels.”
Maybank Securities Inc. noted in a March memo that Solaire Resort North has the potential to contribute 9 percent of Bloomberry’s 2024 gross gaming revenue (GGR) and 14 percent of the 2025 annual total as the property ramps up its business.
Having an Integrated Resort outside Entertainment City will help decongest traffic in that area. Having Solaire North will providing a better experience for those coming in that area and nearby since it will be a closer drive going into the hotel resort and casino.