Bloomberry Resorts Corp Chairman and CEO Enrique Razon Jr is anticipating mass market growth at the company’s flagship Philippines integrated resort, Solaire Resort & Casino, of between 20% and 30% in 2019.
Speaking with Bloomberg Television while attending the Milken Institute global conference in California, Razon expressed confidence in Solaire’s ongoing northward trajectory through the year, driven by both the local Philippines and the Chinese mass gaming markets.
“I’d say there will be more mass growth from China than VIP,” he said. “I’d say mass will be a healthy growth rate of between 20% to 30%. With VIP, three things drive it – visitation, volume and hold – so it’s hard to quantify really as far as looking forward.
“But the Philippines consumer is doing quite well and based on the mass gaming market, I think that will drive the business going forward.”
Razon said combined segment revenue for 2019 was on a trajectory to achieve year-long growth of “low double digits” in both visitation and volume.
Bloomberry is coming off a record-breaking year in 2018 in which gross gaming revenue climbed 14% to Php50.97 billion (US$985 million), driven by 22% growth in mass table drop to Php44.89 billion and 15% growth in EGM coin-in to Php211.89 billion. Visitation also grew 14% to 6.65 million people.
Razon added he was just as confident in the performance of Bloomberry’s second Manila IR, Solaire North, which will break ground in Quezon City in 3Q19.
“We’re very confident in it, given it will target the mass sector,” he said.
RelatedPosts
