Bloomberry confirms plans to develop new IR in The Philippines

The casino operator said it plans to develop an integrated resort and casino at a new property in Ternate, Cavite.

The Philippines.- Bloomberry Resorts has confirmed that it will begin developing an integrated resort and casino at a new property in Ternate, Cavite, following the opening of Solaire North in Quezon City. Bloomberry’s director of investor relations, Jonas Isaac Ramos, said company would pay PHP7.5bn for the 280-hectare property once it received clean titles from landowners.

Ramos said the company has yet to finalise an investment plan for the Cavite property, which was mentioned by the company in a May filing to the Philippine Stock Exchange.

Bloomberry has recently shared its financial results for the year’s second quarter. It’s reported that gross gaming revenue was up 131 per cent year-on-year from PHP5.7bn to PHP13.1bn (US$235m). The figure was also up 47 per cent quarter-on-quarter.

The company posted consolidated net revenue of PHP10bn, up 112 per cent year-on-year and 39.3 per cent compared to the previous quarter. Earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 277 per cent year-on-year to PHP1bn. The company reported a consolidated EBITDA of PHP2.86bn in the first quarter of the year. Net profit was PHP679.4m, 164 per cent higher than the last quarter.

Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income.

“Absent the emergence of new Covid-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security.”

Solaire North, Bloomberry’s second integrated resort and casino, is scheduled to open in the fourth quarter of 2023. It will have 500 to 600 hotel rooms, 200 to 250 gaming tables and 2,000 to 3,000 slot machines.