Bloomberry Bullish On 2023 Prospects

Bloomberry Resorts Corp. is bullish about the prospects of both its gaming and non-gaming businesses this year as the global economy continues to reopen.

Photo Insert: “We now find ourselves back on the trajectory we were forcefully derailed from back in March 2020,” said Bloomberry Chairman Enrique K. Razon Jr. during the firm’s annual stockholders’ meeting.

“We now find ourselves back on the trajectory we were forcefully derailed from back in March 2020,” said Bloomberry Chairman Enrique K. Razon Jr. during the firm’s annual stockholders’ meeting.

He noted that “The mass gaming segment is primed to set new highs in 2023 and will continue to contribute the lion’s share of our revenues.”

Razon added: “We anticipate that this segment will grow steadily on the back of sustained expansion of the local economy, which is forecasted to grow between 6 and 7 percent this year.”

On the other hand, he noted a steady increase in inflows of foreign players, particularly those from China and South Korea, after travel restrictions have been lifted. “We expect and hope that this trend continues,” Razon said.

Outside of gaming, he said Bloomberry is “ready to accommodate more domestic and international patrons in our premier hotel, world-class restaurants, and opulent MICE offerings.”

“We aim to maintain Solaire as the paramount entertainment leisure destination in the Philippines by ramping up the number and quality of shows at The Theatre and opening exciting new luxury retail offerings in The Shoppes,” Razon said.

Meanwhile, Razon said the opening of Solaire Resort North has been moved and they are now aiming for a first quarter 2024 opening as the pandemic has resulted in supply bottlenecks that have caused delays in the delivery of key components for the property.

However, he said that “construction activity continues to pick up as we head into the last few months of construction… While the opening date has shifted, our development budget remains intact.”

For the firm’s recently-acquired property in Ternate, Cavite, Razon said “any plans that we have for this area will come after we have opened Solaire North in Quezon City and have ramped up the property.”

He added: “We're still going through concepts, design ideas, but there are no firm plans yet on when and how we will launch this (Ternate property).”

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