Bloomberry Resorts Corp. wants to boost revenues from foreign visitors in the upcoming quarters for its recently opened Solaire Resort and Casino.
Michael French, president and chief operating officer of Bloomberry, said that in terms of the firm’s revenue mix for its $1.2-billion giant casino in Pagcor’s Entertainment City in Parañaque City, the company is still seeing dominance from the local side even though it intends to focus more on boosting its foreign market.
“Majority of it [revenue]is local now. Our goal is to switch that over time to more international, which is the whole idea of the Entertainment City, to bring in foreigners,” French said in an interview with reporters after the firm’s annual stockholders meeting held on Monday.
Bloomberry Chairman Enrique Razon Jr., however, said that gaming revenues coming from the foreign market is larger than what the locals have been contributing to the firm.
“Contribution of the foreign [in terms of the gaming revenues]is quite large. It is quite large. It is ramping up quite nicely,” he told reporters.
“Foreign market is big. In number of people, it is small but in volume it’s big,” Razon added.
He specified that most of their foreign customers are purely Asians, and that they are not yet looking to attracting visitors from Western countries.
“Western like US is too far. All the gamers are here. The important gamblers are in China. Las Vegas has less than $6-billion revenues, Macau is $32 billion per year. The players are all Asian. It’s all about China and SE [Southeast] Asia, Taiwan and that is our market,” French added.
Meanwhile, Bloomberry has earmarked a $15-million investment for Solaire in 2013.
“We have budgeted $15 million in 2013 for additional transportation equipment for hotel operations, security enhancements, additional slot machines and other cage and engineering modifications,” Razon said during Bloomberry’s stockholders meeting.
He further mentioned the company is looking to fully open the Phase 1A of Solaire by the third quarter of next year, which includes a hotel, high-end mall, a theater and more restaurants.
The total estimated cost for Phase 1-A is expected to reach as high as P20.5 billion.
According to Razon, once Phase 1A of Solaire is fully established, Bloomberry will start building the Phase 2 of the casino project.
“There is land for Phase 2 but we have no plans for Phase 2 yet. No expansion plans beyond 1A. If the business goes much better than we think, then we’ll be the first to build Phase 2,” he said.
Once Solaire has stabilized its operations in the Philippines, Razon said that the company may offer the Solaire brand in other countries.
Madelaine B. Miraflor