Bloomberry’s Solaire North IR on track to open in Q4 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.

Bloomberry held a formal topping-off ceremony at the Quezon City development this week.

The Philippines.- Bloomberry held a formal topping-off ceremony at its Solaire North integrated resort in Vertis, Quezon City, this week and confirmed plans for a Q4 2023 opening. The ceremony was attended by Donato Almeda, Bloomberry Resorts Corporation vice chairman for construction and regulatory affairs and other key members of the company.

The company posted on Facebook: “The addition to the Solaire brand aims to capture and cater to the northern and eastern markets of Metro Manila and the National Capital Region. 

“The property is expected to also offer hotel, gaming, restaurants and bars, meeting facilities, and retail spaces like its pioneer development, Solaire Resort & Casino in Entertainment City in Paranaque.” 

In April, Enrique Razon Jr, Bloomberry Resorts CEO, had said he expected to open the integrated resort in the second half of next year. The company is now specifying that the opening will be in the final quarter.

The company says the new venue, which will complement the Solaire Resort and Casino in Entertainment City, Manila, will greatly expand the company’s gaming footprint and take advantage of anticipated post-pandemic growth in the domestic mass market and regional premium mass demand.

In May, the company revealed it had plans to develop a new integrated resort in Cavite, about 41 miles south of Metro Manila, on the Philippines’ main island of Luzon. The project is expected to commence after the Solaire North has started commercial operations.

Bloomberry expected to reach 71% of 2019 EBITDA this year

Bloomberry is expected to reach 71 per cent of 2019 EBITDA this year. Analysts at Morgan Stanley have raised their full-year forecast by 24 per cent to PHP14bn.

Net profit is expected to be PHP4.4bn, up 42 per cent from 2019 levels. believe the company could reach EBITDA of PHP3.3m in the second quarter, up 14 per cent quarter-on-quarter. 

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