New Solaire Casino in the Philippines to Open in 2024
LISTEN TO THIS ARTICLE:Solaire Resort North, a colossal casino complex under development in Quezon City, Philippines, is set to open its doors in March 2024, according to its chairman and CEO, Enrique Razon. This timeline aligns with previous announcements made by Bloomberry Resorts Corp., the company behind the project and owned by Razon, indicating steady progress toward completion.
Momentum for New Resort Picking Up
In November 2023, Razon had mentioned during the company's third-quarter earnings call that construction was progressing on schedule and was expected to be finished by March 2024. This assertion has now been reaffirmed by the latest report from local media outlet The Philippine Star, citing an interview with the chairman.
The COVID-19 pandemic had undoubtedly cast a shadow over the project's timeline, with Razon admitting in June 2020 that work had been delayed due to pandemic-related factors. However, the project seems to have regained momentum, with reports in July 2023 suggesting that it would require approximately 4,200 employees to operate upon completion.
Solaire Resort North is poised to become a major attraction in the Greater Manila area, boasting a hotel tower with up to 550 rooms and a gaming area featuring 200 gaming tables and 3,000 slot machines. This expansion complements Bloomberry's existing operations, which include the Solaire Resort and Casino in Entertainment City Manila and the Jeju Sun Hotel and Casino in Jeju, South Korea.
In May 2022, Bloomberry announced its ambition to build a third casino resort on Luzon, the Philippines' main island. This proposed development would be situated in Paniman, a coastal community in Cavite, approximately 41 miles southwest of Metro Manila.
Bloomberry Revenue on the Rise
Bloomberry's financial performance has also been noteworthy, with the company recording a net income attributable to shareholders of nearly PHP1.86 billion (US$33.4 million) in the third quarter of 2023. This represents a year-on-year increase of 19.2%, demonstrating the resilience and growth potential of the gaming industry in the Philippines.
The opening of Solaire Resort North in March 2024 marks a significant milestone in the company's expansion plans. It is expected to further solidify Bloomberry's position as a leading player in the Philippine gaming sector. The complex is poised to attract a substantial number of visitors and generate significant economic benefits for the surrounding community.
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