The chairman and chief executive of Philippine casino developer and promoter Bloomberry Resorts Corp expects its operations at Solaire Resort North, a new casino complex at Quezon City due to open in May, to be “fully ramped up” by 2026.
“At the end of two years, it should be fully ramped up,” said Enrique Razon (pictured in a file photo), as cited by local media during the company’s annual meeting of stockholders on Thursday.
Bloomberry’s first and so far only Philippine property – Solaire Resort & Casino, at Entertainment City, Manila – opened in 2013. The company also runs the Jeju Sun Hotel & Casino in Jeju, South Korea.
Mr Razon was also quoted as saying that the company will focus on ramping up the operations of Solaire Resort North before starting other projects, including Phase 2 of Solaire Resort & Casino, and a planned casino project at Paniman, a coastal community in Cavite, about 66 kilometres (41 miles) southwest of Metro Manila.
“There’s no specific timeline. All depends on how the market goes over the next several years,” he reportedly said.
“Once Solaire North is fully ramped up, and both properties are generating a certain expectation that we have on cash flow… then we will probably launch the Paniman project,” stated Mr Razon, as cited by the Business Mirror outlet.
He added: “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.”
In March, Bloomberry affirmed the May opening schedule, describing Solaire Resort North as a US$1.0-billion scheme covering 1.5 hectares (3.7 acres) and that “stands at 38 floors”.
The company said Solaire Resort North would have “526 opulent guest rooms and suites; 2,669 electronic gaming machines; and 163 tables across four casino levels.”
Maybank Securities Inc said in a March memo that Solaire Resort North has the potential to supply 9 percent of Bloomberry’s 2024 gross gaming revenue (GGR), and 14 percent of the 2025 annual total as the property ramps business.
