The casino operator Bloomberry Resorts Corp., owned by casino mogul Enrique Razon, announced the development of the third casino project upon the launch of its Solaire Resort North in Quezon City in the Philippines scheduled for the beginning of the next year. The third integrated Solaire resort will be developed in the Paniman area in the province of Cavite, as PhilStar reports.
Third Casino Development:
Bloomberry has confirmed in a filing with the Philippine Stock Exchange that the so-called Paniman project for the company’s third casino in the country will kick off after the completion of the Solaire Resort North development. The confirmation comes after the company has closed the financial construction for the acquisition of the property in Cavite where the casino resort will be developed.
The financial deal included SPC, former Solaire Entertainment Properties Holdings Inc. and Boulevard Holdings Inc., Puerto Azul Land Inc., Ternate Development Corp., and Monte Sol Development Corp. These companies entered an agreement to facilitate SPC to purchase almost 2.8 million square meters of land in the Paniman area in Ternate, Cavite at the total cost of roughly P7.5 billion ($140 million), following the 1.6 million sqm total land purchase by SPC by the end of 2022.
Bloomberry commented on the announcement: “SPC intends to develop the Paniman property into an integrated resort and entertainment complex with a world-class casino, hotel, golf course, commercial, residential, and mixed-use development. The development of the Paniman project is expected to commence after Solaire Resort North in Vertis North, Quezon City has started its commercial operations. ”
New Project Justification:
The billionaire Razon’s Bloomberry Resorts corporation owns and operates Solaire in Paranaque and Jeju Sun Hotel & Casino in South Korea through its vertical and subsidiaries and is soon to add the Solaire Resort North in Quezon City to the portfolio. At the moment, the company is ramping up the construction of this resort. “We are excited to launch this new offering by the first quarter of 2024,” Razon reportedly said.
The latest announcement that the company will develop the third Solaire resort in the Philippines within the scope of the Paniman project may be grounded on the fact that Bloomberry returned to profitability last year and is now eager to set off for the P5.1 billion ($80 million) loss incurred in 2021. Indeed, the company reported a net revenue of P38.9 billion ($71 million) in 2022, which was almost double the level seen the year before, and now may use the positive market trend to make the new launch and new development at the earliest opportunity.
Finally, the fact that Solaire Resort generated P50.1 ($91 million) in revenue in 2022 – 81 percent more than in 2021 – testifies to the possible justification of the announced developments.