Bloomberry CEO expects Solaire North IR to be “fully ramped up” by 2026
Enrique Razon said all aspects of the integrated resort are being tested through simulations.
The Philippines.- Enrique K. Razon Junior, Bloomberry chairman and CEO, has said during the company’s annual stockholders’ meeting he expects the Solaire Resort North, in Quezon City, Philippines, to achieve full operational capacity within two years following its scheduled opening on May 25.
Spanning 1.3 hectares, Bloomberry’s second IR venture is expected to have 163 mass tables and 2,669 slot machines spread across four casino levels. It will feature 526 guest rooms and suites. Razon said the company is currently conducting simulations.
He said Bloomberry’s priority is to focus on the IR before starting any new projects and that the funds generated by Solaire Resort North will help Bloomberry pay its principal obligations on time.
See also: Bloomberry’s Solaire North IR to boost earnings, analysts say
For full-year 2023, the casino operator reported a net income of PHP9.5bn (US$170m), up 85 per cent year-on-year. Consolidated net revenue was PHP48.4bn (US$864m), up 24 per cent while consolidated EBITDA reached PHP19.3bn (US$345m), up 35 per cent. Consolidated net income was PHP9.5bn (US$170m), up 85 per cent.
Gross gaming revenue (GGR) at Solaire Resort and Casino in the Metro Manila region was PHP58.3bn (US$1.03bn), up 16 per cent from 2022 and 97 per cent of the 2019 level. GGR was driven by domestic-focused mass tables and electronic gaming machines, which on a combined basis, reached 116 per cent of pre-pandemic levels.
