Bloomberry Resorts Expects Solaire North to Break Even in Year One

Posted on: July 4, 2024, 09:55h. 

Last updated on: August 8, 2024, 01:21h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Bloomberry Resorts officials say operations at its Solaire North luxury casino resort in northern Metro Manila are off to a strong start.

Solaire North Philippines Bloomberry Resorts
Solaire North is off to a strong start in the Philippines for parent company Bloomberry Resorts. The company expects the integrated resort casino focused on the mass market to break even in year one. (Image: Aedas)

The Philippines-based company opened Solaire North, a $1 billion development, in Quezon City on May 25. The luxury resort is about an hour’s drive north of Bloomberry’s flagship integrated resort casino called Solaire in Manila’s Entertainment City.

Speaking recently with Forbes, Gregory Hawkins, chief operating officer of Solaire North, said business during the first month exceeded expectations.

Traffic is very, very strong,” Hawkins said. “We’re overwhelmed with the demand. We have thousands and thousands of visitors.”

Solaire North features a 38-story hotel with 526 guestrooms and suites. The casino has nearly 2,700 slot machines and more than 160 live dealer table games.

Year One Forecast

Hawkins told the business news outlet that Bloomberry projects that Solaire North will break even in its first year. The property is the only hotel rated at the five-star level in northern Manila.

Solaire North was Bloomberry’s bet that a luxury casino destination was needed north of the Philippines capital. It’s paying off.

Following the commencement of Solaire North and early business returns, financial services firm Maybank raised its revenue projections for Bloomberry in 2024 by 20% to 57.7 billion pesos (US$990 million). The Maybank note added that company revenue should grow to 68.6 billion pesos in 2025 and 78.9 billion pesos by 2026.

Solaire North, unlike its Entertainment City counterpart, is focused on the mass market over the VIP. Slot machines are expected to generate the lion’s share of the casino’s revenue.

International inbound travelers from mainland China are not a key market for this property,” Hawkins said. “We are more mass premium focused. We will operate some VIP but it’s a smaller component.”

While the casino might be centered on the mass market gambler, the resort offers luxurious amenities that are finding favor with local and regional guests in search of an extravagant treat. Solaire North has three fine-dining “signature restaurants,” a health club and full-service spa and salon, and an outdoor pool with private cabanas.

For the more budget-conscious guests and those traveling with kids, there’s a small waterpark and splash pad. The resort also features retail shopping.

Domestic Focus

Bloomberry is trying to trim down its portfolio by shopping its Jeju Sun Hotel & Casino in South Korea. In February, Casino.org reported that the company is “open to the possibility of selling” the boutique casino resort on Jeju Island.

Bloomberry remains focused on expanding its footprint in its home country.

The company last year tried to acquire the unfinished Emerald Bay casino resort in Cebu City from PH Resorts but terminated the deal “after considering the results of due diligence.” A Bloomberry competitor in Manila, Tiger Resort, Leisure and Entertainment, Inc., which owns and operates Okada, this week terminated its acquisition of Emerald Bay on similar concerns.

Bloomberry is a gaming and hospitality firm controlled by Filipino billionaire Enrique Razon, Jr.

Forbes ranks Razon as the third-richest person in the Philippines with a net worth of more than $11 billion. His International Container Terminal Services is the largest port operator in the country. His grandfather founded the firm with a port in Manila in 1916.