Bloomberry’s Solaire North opening pushed back to 2023 due to COVID-19

Andjelka Jovanovic June 22, 2020

SiGMA news

The casino has ceased operations in mid-March but has partially reopened its doors to “very limited capacity”

Bloomberry Resorts Corp – the operator of Manila gaming complex Solaire Resort and Casino – has announced the delay in completion date in the firm’s second integrated resort development known as Solaire North, located in Quezon City, one of the Central Business Districts in Metro Manila, Philippines.

Enrique Razon stated that given the delay due to the lockdown, the project should be completed by the end of 2022 or early 2023.

Bloomberry’s chairman and chief executive, Enrique Razon, stated in the company’s annual stockholders meeting, held online last week, the development might be finished late 2022 or early 2023, “We are continuing with the construction of Solaire North in Quezon City which, given the delay due to the lockdown, should be completed by the end of 2022 or early 2023.” Razon’s statement about the development timeline.

“Construction has partially restarted and the period of lockdown can be reasonably added to the completion date.” He added.

Bloomberry’s Solaire Resort and Casino located in Metro Manila’s Entertainment City has ceased operations in mid-March but has partially reopened its doors to “very limited capacity” on June 15 and is expecting a continuous decline financials throughout the year due to the impacts brought by the Covid-19.

Razon stated, “Solaire just opened to very limited capacity and it is still too early to give any indication on how the business will perform,” He added, “Our number one priority right now is to ensure the safety and well-being of our guests and employees.”

Bloomberry posted in May filing to the Philippine Stock Exchange, a 13% decline in net revenue to Php9.4 billion (US$186.5 million) and 38% drop in net profit to Php1.4 billion (US$27.8 million) for the first-quarter net income.

Razon expressed, “The record performance of the company in 2019 will no longer reflect our short-term future performance, until the pandemic is over, in one way or another, whether it runs its course or a vaccine is created in mass quantities. When this may happen is simply a wild guess at this point.”

“We strongly believe that the timing of Solaire North could well-coincide with a full economic recovery,” Razon conveying optimism on Solaire North’s delay in completion.