Almost as quickly as Japan muttered the word ‘casino,’ Bloomberry Resorts was standing in line, hoping to get a license. The Philippines-based casino operator has been operating a permanent office in Tokyo since 2014 and has a particular interest in creating an integrated resort (IR) in Japan’s Wakayama Marina City.
Bloomberry is one of seven IR operators who recently met with the governor of Wakayama, Yoshinobu Nisaka, during the Japan Gaming Congress earlier this month. Representing Bloomberry was Takeshi Hojo, president of the firm’s Japanese arm, who left the meeting feeling positive about the fact that the governor is looking to make the licensing procedure a non-political issue, according to an Asia Gaming Brief report.
Governor Nisaka doesn’t want the casino to be a foreign-only destination, another plus for the casino operators. In an interview with AGB, Bloomberry Resorts CFO and Treasurer Estella Tuason-Occeña explained, “You know we operate a casino in Jeju, and we can tell you, if it’s a foreign-only casino, you can never get any of your money’s worth.”
Bloomberry’s chances at getting the IR license are good, but there it is still an uphill battle. The company doesn’t have the deep pockets that some its competitors do, but is working hard to obtain the license. Tuason-Occeña said, “Whether or not our effort will come to fruition, we still want to do it anyway.”
Bloomberry, which is traded publicly on the Philippine Stock Exchange, operates the Solaire Resort and Casino in Manila and the Jeju Sun Hotel and Casino on Jeju Island, South Korea. In the first quarter of 2018, the company saw a significant increase in revenue as it climbed to $71.2 million. The revenue was 71% higher than it was for the same quarter last year, and was driven by substantial increases in both mass gaming and VIP markets.
In April, Bloomberry secured syndicated loans in the amount of $1.4 billion to finance future projects. The loans came from a minimum of seven financial institutions in the Philippines and were earmarked for investments and working capital. Part of the money was already spent when Bloomberry acquired 16 hectares (39.5 acres) of land where Solaire currently sits. Bloomberry had been leasing the land from its owner, the Philippine Amusement and Gaming Corporation (PAGCOR), before negotiating a deal to purchase it.
