Solaire also going strong
Enrique Razon’s Bloomberry Resorts Corp., based in the Philippines, saw a 7 percent boost in net profit for the third quarter of 2016 over the second quarter. The owner and operator of the Solaire Resort and Casino in Manila, Bloomberry credits the success to its operations in Korea and “foreign exchange gains,” according to GGRAsia. The company runs the Jeju Sun Hotel and Casino on Jeju Island off the coast of South Korea.
The quarter was also the “best ever” for Solaire, with year-on-year growth rates of 61 percent in quarterly VIP volume, 10 percent in mass table drop and 16 percent in electronic gaming, reported the news outlet.
“Our one-mindedness to manage costs and capital will see us maintaining this growth trajectory up to the end of the year,” said Razon, chairman and chief executive of Bloomberry, in a statement. “We are confident that the effects of these initiatives will carry on into the coming year, but we will nonetheless continue to be discerning and persevere in making Solaire the premium go-to Philippine destination.”
In its filing, Bloomberry said it still operates Jeju Sun on Jeju Island, though Macau junket operator Iao Kun Group Holding Co. had announced plans to buy it for KRW117.5 billion (US$100.2 million). Bloomberry said it has resumed operations “under the normal course of business.”
Iao Kun “failed to raise the funding necessary to consummate the sale” by the agreed-upon closing date, Bloomberry said. It “rejected Iao Kun’s request to extend the closing and payment date of the transaction,” and said it is “exploring legal options against Iao Kun for its failure to close the deal.”
