Solaire North seen boosting Bloomberry

PORTS and gaming tycoon Enrique Razon Jr. is opening the doors of a $1.0-billion Quezon City casino in two months that is expected to provide listed Bloomberry Resorts Corp. a fresh source of growth.

Bloomberry announced Monday that the 1.5-hectare Solaire Resort North, its second integrated resort, would begin officially welcoming guests in late May this year, boosting its presence in the luxury entertainment market.

“[I]t has always been our mission to provide a fresh yet indulgent brand of luxury that has not been experienced in the Philippines before,” said Razon, Bloomberry chairman and chief executive officer, in a statement.

The new resort, he added, can support Quezon City’s endeavors to promote tourism, create employment for Filipinos, and attract opportunities for economic and social investments.

Bloomberry noted that its entry and investment in the city had already produced 4,200 direct employment opportunities.

Analysts believe that the opening of Solaire Resort North will strengthen Bloomberry’s growth prospects amid continued post-pandemic recovery in the tourism industry.

The new resort casino will likely give a “significant boost to Bloomberry’s revenues and provide the company with a new growth leg,” China Bank Capital Corp. Managing Director Juan Paolo Colet said.

Once Solaire Resort North begins delivering positive earnings, Colet said the company may “unveil plans” for a “massive” third casino, which will rise in Cavite.

Claire Alviar, research associate at Philstocks Financial Inc., was likewise optimistic that the Quezon City casino would have a “positive impact” on Bloomberry’s growth prospects.

“We also think that the timing is just right, considering that the tourism sector is currently in continuous recovery,” she noted.

Bloomberry saw its net income last year surge by 85 percent to P9.5 billion from P5.1 billion in 2022, on the back of strong gaming revenues amid a robust domestic market.

Bloomberry shares dropped by 6 centavos, or 0.52 percent, to close at P11.50 apiece on Monday.