Casino operator Bloomberry Resorts is pushing back its plans to build a second casino in the Philippines because the property where it will stand has yet to be cleared of informal settlers.
The company has been eyeing to develop a “mixed-use” complex with a hotel and casino on a 1.5 hectare property within the 45-hectare Vertis North development in the Quezon City Central Business District, located about 23 kilometers away from Solaire, this year.
But in a recent interview with Manila-based reporters, Bloomberry Resorts chairman and CEO Enrique Razon Jr. revealed that they have to delay the construction due to the presence of the informal settlers in the property.
“We may start construction early next year,” Razon said, according to Rappler.
Surestre Properties Inc. (SPI), the hotel and resort development arm of Bloomberry, acquired the property from the National Housing Authority (NHA) in 2015. SPI’s SPI’s original plan was to build “a mixed use development in accordance with the Vertis North master plan, and subject to required regulatory and local government approvals.”
Razon said last year that he planned to develop an integrated resort “more similar to Solaire.”
“There may be some mixed-use because there is no height restriction. There will be a casino,” the casino magnate said at the time.
Like Travellers International, Bloomberry Resorts possesses a gaming license from state regulator Philippine Amusement and Gaming Corporation (PAGCOR) that allows for two separate developments. Bloomberry owns and operates Solaire, the first integrated resort in PAGCOR’s Entertainment City.
In 2016, Bloomberry managed to claw its way back to profitability, thanks to strong volumes on all its gaming segments. The casino operator raked $46.07 million net profit in 2016, a sharp turnaround from the $66.92 million net loss it registered in 2015.
Solaire Resort and Casino, the company’s $1.2-billion gaming and resort casino, posted a gross gaming revenue of PHP38.3 billion for 2016, the highest in a year since it opened in 2013.
Despite the threat of casino oversupply in the country, Razon said he expects Bloomberry to remain profitable, noting that the significant increase in tourist arrivals from China has been providing a boost to the local gaming industry even with the recent opening of the $2-billion Okada Manila.
