Bloomberry Resorts Increasing Casino Territory in the Philippines
Philippines-based Bloomberry Resorts is enhancing its gambling and entertainment influence in its homeland, as the demand for casino gaming and leisure activities continues to increase dramatically in the country.
Bloomberry owns and operates the Solaire Resort & Casino in Manila's Entertainment City, a designated casino zone first imagined in 2002 by the Philippines Amusement and Gaming Corporation (PAGCOR). Besides Solaire, Entertainment City houses two additional integrated resorts — Melco Resorts’ City of Dreams and Okada Manila.
During Bloomberry’s full-year 2022 earnings call this week, Enrique Razon Jr., the company’s multi-billionaire boss and chairman, stated they'll initiate an expansion wave in the Philippines. He attributed this growth to the robust gaming revenue at Solaire and other casinos.
First on the list for Bloomberry is accelerating construction on Solaire Resort North. Situated in Quezon City, around 10 air miles north of Entertainment City, Solaire North was first disclosed in 2019, but the pandemic disrupted the construction enormously.
With gambling swiftly recuperating in the Philippines to almost pre-pandemic levels and analysts anticipating the industry to grow more in the upcoming years, Razon believes Bloomberry will have Solaire North up and running for guests as quickly as possible.
Impressive 2022 Results
Bloomberry, apart from Solaire, manages the Jeju Sun Hotel and Casino in South Korea, a foreigners-only gambling venue, returned to profitability in 2022.
The company reported a net profit of roughly 5.1 billion Philippine pesos (US$93 million), in comparison to a net loss of about $77 million in 2021. Gross gaming revenue at Solaire skyrocketed 81% year-over-year to around $915.5 million.
Solaire enjoyed a robust resurgence in local demand across all business sectors," Razon, who is also Bloomberry’s CEO, said in a statement. “Our gaming revenues reached 84% of pre-pandemic levels, driven by the domestic-focused mass table games and electronic gaming machines."
Solaire North, Razon clarified, will help Bloomberry increase its gross gaming revenue further upon its opening. The over $1 billion development is being constructed on around four acres in the city’s central business district.
The imposing casino and hotel will comprise 550 guestrooms and a casino floor featuring 3,000 slot machines and 200 gaming tables.
Impact of Macau
Macau is no longer the preferred destination for mainland China’s rich gamblers following President Xi Jinping's crackdown on most of the enclave’s junket groups. These VIP service providers had previously kept Macau’s high roller rooms busy, but Xi claimed the large cross-border money movements jeopardized China’s national security.
Many of those junket groups could transfer their operations to casinos in the Philippines. Although PAGCOR officials stated last year that the agency plans to supervise VIP touring group’s operations more closely, the junket sector will persist.
Though not as convenient as Macau, a direct flight from Beijing to Macau is less than five hours. But from Hong Kong, the flight is merely more than two hours.
GCG Gaming Advisory Services, an Australian gaming consultancy focusing on Australian and Southeast Asian gaming markets, is predicting substantial growth in the Philippines. The research firm is estimating gross gaming revenues to reach $10 billion in 2027. In pre-pandemic 2019, gaming revenue in the Philippines totaled approximately $5 billion.
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