Philippine billionaire Enrique Razon Jr., encouraged by the return of business at his Solaire Resort & Casino in Manila, plans a new $1 billion integrated resort in Quezon City, about a half-hour drive from the capital’s Entertainment City casino zone.
As reported by Forbes magazine, Razon’s Bloomberry Resorts posted a net profit of PHP 5.1 billion (US$93 million) in 2022, compared to a net loss of PHP 4.2 billion in 2021. Gross gaming revenues (GGR) at Solaire was up 81 percent to PHP 50.1 billion.
“Solaire benefited from a strong rebound in local demand across all business segments,” said Razon, chairman and CEO of Bloomberry, in a statement. “Our gaming revenues hit 84 percent of pre-pandemic levels, propelled by the domestic-focused mass table games and electronic gaming machines.”
Solaire Resort North will open for business by the first quarter of 2024, Razon said. The resort will feature a 550-room hotel tower and a casino with up to 200 gaming tables and 3,000 slot machines.
GCG Gaming Advisory Services has projected that GGR in the Philippines could double to US$10 billion by 2027 from 2019 levels.
