Bloomberry Resorts to double in size with new additions in Philippines

“We will more than double in size. We increase hotel rooms inventory in excess of 60 percent and increase our VIP gaming area by more than two-thirds and with several restaurants, we have a lot more meeting space,” Arasi said. Other non-gaming facilities under the first phase of the expansion are 5,000 square meters of retail area, a 1,800-seat Broadway-style theater, an expansive night club and a karaoke bar.

Bloomberry would have invested P50.23 billion in its integrated casino and entertainment development after completing the first phase.

Arasi said the opening of another integrated resort and casino would have a positive effect on the domestic gaming industry due to the clustering effect. “When City of Dreams Manila opens, there will be of course short-term competition. But [in the] medium-term and long-term, the Philippines’ gaming market and the Entertainment City are going to be stronger, appeal to more people and have more products and services by the fact that there will be three of us here,” Arasi said.

He said the opening of other gaming facilities in Entertainment City would put the Philippines in the top five critical masses of high-end integrated resort clusters in the world after Macau, Las Vegas, Altantic City.             

Bloomberry earlier reported that net income in the first half of the year amounted to P2.3 billion, a turnaround from a loss of P1.03 billion year-on-year.
First-half gross revenues hit P14.158 billion, more than three times of the P4.473 billion generated in the same period last year.

Net income in the second quarter soared over 37 times to P847 million from P23 million on year, while revenues surged 62 percent to P6.77 from P4.175 billion on year. Bloomberry, owned by port magnate Enrique Razon, opened Solaire in March 2013. It was the first integrated resort and casino project to operate in Entertainment City.

Three more are expected to open similar facilities, namely City of Dreams Manila of Melco Crown (Philippines) Resorts Corp. and Belle Corp., Resorts World Bayshore of Travellers International Hotel Group and Manila Bay Resorts of the Okada group.