Bloomberry still expects to open its Solaire North IR in 2023

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

Enrique Razon Jr, Bloomberry Resorts CEO, has said the company remains on track to open Solaire North in Quezon City in the second half of next year.

The Philippines.- Delivering Bloomberry’s annual report, CEO Enrique Razon Jr, said the company’s Solaire North integrated resort development in Quezon City remains on track to open in the second half of 2023.

He said the new venue will “profoundly expand our gaming footprint to take advantage of what we anticipate to be a burgeoning post-pandemic domestic mass market and regional premium mass demand.” The casino complex was originally scheduled for completion this year.

Razon also said he has high hopes for the company’s online gaming business and expects revenue to continue to grow as the company expands.

Razon said: “So far it has grown strongly and has been delivering substantial revenues monthly from zero a year-and-a-half ago, and we are highly confident in this development and have been focusing on this area.”

In its fourth-quarter results released in March, Bloomberry Resorts reported a total GGR of PHP27.6bn (US$527.2m) for Solaire in 2021, an increase of 21.7 per cent from 2020. The company posted a net loss of PHP4.2bn for the full year, an improvement from a PHP8.3bn loss in 2020.

Bloomberry’s board approves amendment to stock incentive plan

Bloomberry Resorts Corp has reported that amendments to the company’s stock incentive plan for directors, officers, and employees (SIP) have been approved by the board. Eligible participants have been amended to exclude directors provided that directors who are officers or who are given executive functions are not disqualified to receive SIP shares as an executive.

Bloomberry said its stock incentive program is designed to give employees a direct share of company value to incentivise employees and other stakeholders to be more productive and remain in the group. The programme has been extended for 10 years from May 24, 2022.

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Bloomberry Resorts integrated resorts Solaire North IR