Solaire North eyes end of 2022 opening

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Bloomberry Resorts Corp. is sticking with its timetable to open its second gaming complex, Solaire North, between end-2022 and early 2023.

Enrique Razon, Bloomberry chairman, said construction has partially restarted for the facility that will rise in Vertis North in Quezon City, with the Manila lockdown adding extra time for the completion of the facility.

Speaking during the company’s shareholders meeting Thursday, Razon said the facility will be as big as Bloomberry’s Solaire Resort and Casino but developed vertically at 40 storeys high, with smaller retail space.

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“We strongly believe that the timing of Solaire North could well coincide with a full economic recovery,” Razon said.

He also said Soliare has partially opened as of June 15, after it temporarily ceased operation in line with the government’s decision to lock down Metro Manila in March due to the new coronavirus disease 2019 (COVID-19) pandemic, except for the hotel operation which housed long-term staying guests who elected to stay in the country rather than fly out once the enhanced community quarantine was implemented.

“At this moment, we are still with a general quarantine, and the economy has been partially reopened to limited capacity and movement with restrictions,” Razon said.

“Solaire just opened to very limited capacity a few days ago on June 15, and it is still early days to give any indication on how the business will perform. Our number one priority now is to ensure the safety and well-being of our guests and employees,” he added.

“We have invested heavily and have gone to extreme lengths to make Solaire and our guests as sanitized and safe as possible. We have taken every precaution and beyond with meticulous attention to the most minute detail to achieve this,” Razon also said.

In May, Bloomberry reported that profit for the first quarter of the year reached P1.4 billion, down 38 percent from P2.2 billion last year. Revenues dropped 13 percent to P9.4 billion.

The company said its first quarter was “negatively impacted by economic and tourism implications of COVID-19.”

Earnings before interest, tax, depreciation and amortization stood at P3.5 billion, down 23 percent from P4.5 billion last year.

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