The chairman and chief executive of Philippines casino operator Bloomberry Resorts Corp, Enrique Razon (pictured), says the country’s gaming industry is still posting revenue growth.
“The Philippines is not Macau. Its [gaming] revenue here is still growing. Investors treat gaming issues or [the] gaming industry as a whole. If we’re out of favour, they are all out of favour. That is something we cannot do anything about,” Mr Razon said in an interview with social news network Rappler.
Bloomberry Resorts developed and operates the Solaire Resort and Casino in the Philippine capital Manila. The firm also runs the Jeju Sun Hotel and Casino on South Korea’s southern holiday island Jeju.
The casino operator on Tuesday said it had narrowed its losses in the third quarter of 2015 on the back of improving Philippine operations. Bloomberry Resorts reported a net loss of PHP189.5 million (US$4.1 million) for the third quarter of 2015, compared to a profit of PHP991.7 million a year earlier. But the firm said its Philippine operations recorded PHP281 million in net profit for the three months to September 30.
“Over the next few quarters, Bloomberry’s losses will narrow and we will end up in the black,” Mr Razon told Rappler. “We are still in the midst of ramping up Phase 1A [of casino resort Solaire] and once that’s ramped up that is what’s going to put us in the black,” he added.
Solaire Resort and Casino completed an expansion in November last year with the opening of the Sky Tower, which added 66 VIP gaming tables and 223 slot machines to the property.
“Our investments in the Sky Tower are beginning to show returns,” Bloomberry’s CEO said in a statement accompanying Tuesday’s results.
The executive added that the country’s casino industry would continue growing in coming years. “More supply is coming in. Supply is slightly ahead of the market … and the market continues to grow. Plus, here, there is an attraction for non-gaming activities,” the CEO said in the interview.
Mr Razon stated he expects Bloomberry Resorts to be back in the black in 2016, supported by the growing demand of customers from Thailand, South Korea and Taiwan, Rappler reported.
The casino operator is still eyeing opportunities in other jurisdictions to expand its business. Bloomberry Resorts has plans to invest more than US$1 billion in a new casino resort complex in South Korea and is also seeking a gaming permit in Argentina.
“Given the right circumstances, we will be looking [for new opportunities overseas],” said Mr Razon.
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