Issuing shares to “loyal patrons”
Bloomberry Resorts Corp. will break ground on its second casino resort in the Philippines in 2019, Chairman and CEO Enrique Razon said at the company’s annual meeting. The resort will be the second in the Solaire Resort and Casino chain, reported the Manila Standard. The flagship Solaire is located in Entertainment City in Parañaque in Metro Manila.
Construction of the 15,676-square-meter (168,735-square-foot) site in the Vertis North area of Quezon City should be complete by 2022. Bloomberry also owns and operates Jeju Sun Hotel and Casino, a foreigner-only casino operation on Jeju Island in South Korea.
The new Solaire will target mass market gamblers. “We foresee that tourism will continue to play a significant role in the growth of the Philippines integrated resorts,” Razon said. “Growth will likewise be boosted by the rise in middle-class incomes and increasing connectivity across the region.”
Bloomberry posted first-quarter net profits of PHP3.69 billion (US$70.45 million), the highest ever, on gross revenue of PHP14.5 billion, also a record. “In Entertainment City, infrastructure and real estate projects are being constructed at a rapid rate and this should drive increased foot traffic into Solaire,” Razon said.
A subsidiary of Bloomberry just announced it will purchase an additional 1.5 million shares of the company, which will be given as a reward to Solaire’s “loyal patrons.”
