Bloomberry Resorts Corporation, the owner and operator of Solaire Resort Entertainment City, expressed optimism about its growth in the coming years on the back of the growth of the domestic economy and strong tourist arrivals.

“The next few years present a compelling case for growth. The Philippine economy, from which we derive most of our revenue and profitability, is estimated by the Government to grow between 6 to 7 percent in 2024 and between 6.5 to 7.5 percent in 2025.

“We also anticipate to benefit from the improving inbound visitation as the World Tourism Organization sees the recovery of tourism in the Asia-Pacific region to accelerate towards pre-pandemic levels in 2024,” said Bloomberry Chairman Enrique K. Razon Jr. during the firm’s annual stockholders’ meeting.

He noted that, “We are focused on the 25th of May, which marks the launch and opening of Solaire Resort North. We are currently running simulations to make sure that all aspects of the property—from interior finishes to gaming equipment and service—are at the highest levels of quality.

According to Razon, Solaire Resort North will introduce its signature five-star brand of gaming leisure entertainment to a broader market within the country and elevate the regional competitiveness of the Philippine gaming industry.

Razon said they have also increased focus on Solaire’s online business and has recently delivered enhancements to the existing platform. Solaire also continues to work on more modifications that are designed to capitalize on opportunities within this space.

“Putting Bloomberry far ahead of the competition, our trifecta of offerings—Solaire in Entertainment City, Solaire Resort North, and Solaire Online—places us in a very strong position to take advantage of increasing demand for gaming entertainment in the Philippines and within the Asia-Pacific region,” said Razon.

Meanwhile, he reported they have definitively resolve in March its ten-year-long dispute with the former casino manager. "Shareholders can rest assured that our balance sheet is strong enough despite the size of the cash disbursement necessitated by this transaction. By putting this overhang behind us we can now look to a brighter future for our company,” he said.

For 2023, Razon said “I am pleased to report that Solaire’s operations are back in full swing. Apart from further ramping up gaming operations from 2022, activity in our resort businesses has picked up significantly."

Occupancy at the Bay and Sky Towers reached 79.8 percent, a new F&B concept and more retail outlets were rolled out at the Shoppes, and the new Solaire Grand Ballroom was opened. Meanwhile, The Theatre hosted stellar acts.

Despite a challenging global landscape in 2023, Bloomberry increased its revenues and profits to levels consistent with our performance in 2019, the last full operating year prior to the pandemic.

“We continued to see a strong push from the wider-margin mass gaming segment where revenues exceeded pre-pandemic levels by more than 16 percent. We also noted growth in business from international patrons who started to frequent the country as travel volumes improved,” Razon said.