Operator News

Philippines – Solaire Resort North on course for opening in first quarter of 2024

By Phil - 21 March 2023

With its revenues now back up to 84 per cent of its pre-pandemic earnings, Bloomberry Resorts is confidently closing in on opening its second casino resort in the Philippines; Solaire Resort North in Quezon City.

With GGR increasing at its flagship Solaire Resort & Casino improving by 81 per cent in the fourth quarter to hit P14.7bn, the timing seems ideally for the huge investment in Quezon City.

Enrique K. Razon Jr., Bloomberry Chairman and CEO, said: “2022 was a positive year of recovery for Bloomberry as Solaire benefited from a strong rebound in local demand across all business segments. Our gaming revenues hit 84 per cent of pre-pandemic levels, propelled by the domestic-focused mass table games and EGM segments where revenues have already reached 100% of 2019 pre-pandemic levels. Last year we firmly returned to profitability as net income reached P5.1 billion, a turnaround from losses recorded in the year prior.”

“While we celebrate our success in 2022, we keep our eyes on the future as we ramp-up construction activity at Solaire Resort North in Quezon City. We are excited to launch this new offering by the first quarter of 2024.”

“These developments are encouraging as we mark Solaire’s 10th year of operations this March. We look forward to delivering even better results in 2023 and to reaching more milestones in the years to come.”

In the fourth quarter, Solaire saw revenue at VIP, mass tables, and EGM come in at P4.7bn, P4.4bn, and P5.6bn, representing year-over-year improvements of 184 per cent, 37 per cent, and 81 per cent, respectively.

Solaire Resort North will cost around $1bn to build and should open by the first quarter of 2024. It will feature a hotel tower with up to 550 rooms and a gaming area with up to 200 gaming tables and 3,000 slots.