Bloomberry Resorts Corp. is sitting in a pretty comfortable place right now and looking for even rosier days ahead.
The world’s second-best performing stock told Bloomberg that its expecting Solaire Resort & Casino to achieve no less than a 10 percent annual growth volume for the year, backstopped by the increasing number of high rollers coming to the Philippines to enjoy the resort’s casino.
Bloomberry president Thomas Arasi told the news agency that the resort’s operating margins have improved significantly and expressed confidence that the surge in gaming volume will continue. Bloomberry’s shares are up 38 percent for the year.
High rollers have been the catalyst in the casino’s tremendous growth, having increased from significantly less than half of gambling revenue last year to now being “close to parity” with mass-market gaming. This growth is the result of Bloomberry having signed up 47 junket operators.
The casino is in the process of expanding the resort to accommodate its increasing ranks of VIP and mass-market gamblers. The $500 million expansion will add more VIP gambling options alone with a 300-suite boutique hotel, a 1,700-seat theater and 5,000 square meters of retail shops.
Bloomberry now faces the more difficult task of sustaining its growth, especially with a new competitor – City of Dreams Manila – expected to open its doors later this year.
