In the Philippines, the operator behind the Solaire Resort and Casino, Bloomberry Resorts Corporation, is reportedly set to begin construction from next summer on a new integrated casino resort for Quezon City in hopes of having the the new venue open by the end of 2022.
According to a Tuesday report from the Manila Standard newspaper, the revelation came from Enrique Razon (pictured), Chairman and Chief Executive Officer for Bloomberry Resorts Corporation, as part of an interview conducted after the Manila-listed firm’s latest annual shareholders meeting.
Razon reportedly explained that the new mixed-use gambling venue is to occupy around 3.7 acres of land within Quezon City’s 111.1-acre Ayala Malls Vertis North retail complex and will be designed to attract mass-market players from the northern suburbs of metropolitan Manila. Although the final cost and design of the facility have yet to be finalized, the 58-year-old purportedly explained that it will carry the Solaire Resort and Casino brand and sit a little over twelve miles north of his firm’s only current Philippines property.
“We will complete the masterplan for the Quezon City casino project by January of next year,” Razon reportedly told the Manila Standard.
The newspaper additionally reported that yesterday saw Bloomberry Resorts Corporation post record first-quarter net income of just over $70.38 million, which represented a 71% boost year-on-year, as gaming revenues rose by 26.6% to top $215.53 million.
The corporation, which is moreover responsible for the Jeju Sun Hotel and Casino in South Korea, opened its luxury Solaire Resort and Casino in 2013 but the property in the three-square-mile Entertainment City district now faces stiff competition from the nearby City of Dreams Manila development as well as the giant Okada Manila venue. All of these enterprises are located only about a 15-minute drive from Manila Ninoy Aquino International Airport while the struggle for market share is sure to grow even more intense following the opening in around three years’ time of the Resorts World Westside City property from Alliance Global Group Incorporated.