Bloomberry shares rise amid imminent Solaire North IR opening

Solaire North in Quezon City will be Bloomberry’s second IR in the Philippines.

01/29/24

Bloomberry Resorts’ stock price rose 8.7 per cent after the company announced the opening.

The Philippines.- The imminent opening of Bloomberry Resorts’ new IR, Solaire Resort North, in Quezon City, Philippines caused Bloomberry Resorts’ shares to rise by 8.7 per cent to PHP10.98, with a trade value of PHP654.6m (US$11.6m).

Solaire Resort North, Bloomberry’s second IR in the Philippines, was originally scheduled to open in the first quarter of 2024. However, the opening was rescheduled to the second quarter of this year due to the Covid-19 pandemic and disruptions in the global supply chain.

The development will have a hotel, gaming, restaurants and bars, meeting facilities and retail spaces like Solaire Resort & Casino in Entertainment City.

While Bloomberry has yet to report fourth-quarter and full-year 2023 figures, analysts at Maybank Securities expect the casino operator’s 2024 net revenues to be 23 per cent lower than it had projected. (nearly PHP13.2bn).

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