Solaire Resort North, a new luxury casino complex located in Quezon City, northeast of Manila, is preparing to launch its VIP gaming operations in early September. This significant development follows the property’s successful opening on May 25, 2023, and marks a new phase for the resort as it aims to cater to high-end clientele.
The Solaire Resort North complex, promoted by Bloomberry Resorts Corp, represents a major investment in the Philippine gaming industry. The $1 billion property boasts 526 rooms and suites and currently offers an expansive gaming floor with 2,669 electronic gaming machines and 163 gaming tables spread across four levels. This impressive array of gaming options positions Solaire Resort North as a prominent player in the region’s competitive casino market.
A spokesperson for Bloomberry Resorts Corp recently confirmed to GGRAsia that the VIP operations would begin in early September, although the exact number of tables dedicated to the VIP areas has not yet been disclosed. The VIP gaming facilities will be located on the 36th and 37th floors of the resort, offering an exclusive and luxurious experience for high-stakes players. The official opening ceremony for these VIP areas is scheduled for the evening of September 8.
Strong Initial Performance Despite Industry Challenges
Bloomberry Resorts Corp has already reported positive financial results for Solaire Resort North in its early days of operation. The company’s consolidated net income for the second quarter, ending June 30, 2023, was just under PHP1.34 billion (approximately $23.7 million). However, this figure represents a decline in earnings compared to previous quarters. The firm’s consolidated earnings before interest, taxation, depreciation, and amortization (EBITDA) for the second quarter stood at just under PHP3.64 billion, reflecting a 26.2 percent decrease from the previous quarter and a 33.4 percent drop from the same period last year.
Despite these challenges, Enrique Razon, chairman and chief executive of Bloomberry, expressed satisfaction with Solaire Resort North’s initial performance. In remarks issued alongside the latest financial results, Razon stated that the company was “pleased to report” that the new resort had “recorded positive EBITDA of PHP250 million in its first 37 days of operations.” He added: “We are in the early stages of the property’s ramp-up and are happy with the pace, especially as we compare it to the ramp of Solaire in Entertainment City over 11 years ago.”
Promising Early Indicators of Success
Solaire Resort North has shown promising results in its first month of operation. The resort generated a mass table drop of PHP2.25 billion and saw slot machine coin-in reach nearly PHP10.38 billion. These figures highlight the strong demand for gaming at the new property and suggest that it is on track to become a major contributor to Bloomberry’s overall financial performance.
In addition to the launch of VIP operations, Bloomberry Resorts Corp has also announced the establishment of an “annual dividend policy” aimed at enhancing shareholder value. The company anticipates that Solaire Resort North will continue to bolster cash flows as it ramps up in the coming quarters, contributing to the financial stability and growth of the group.
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