Bloomberry Resorts (BLOOM PM) is a Philippine casino operator. It owns the most successful casino resort in Manila’s Entertainment City, with a beautiful plot of land next to the Manila Bay.
The company is run by Spanish-Filipino billionaire Enrique Razon whose port operator ICTSI compounded its share price at a +14% annual rate since he took over in 1995. His focus has now turned to Bloomberry. I am highly impressed with Enrique. He is experienced, honest, has a relentless work ethic and is apparently a good listener.
Bloomberry plans to expand its Solaire casino with a phase 2 build-out. It also plans to build a cruise terminal meant to bring in new customers to the casino. The next project will be to build a separate integrated resort called Solaire North in Quezon City in the northern part of Metro Manila. There will be no other casino in the immediate vicinity. In other words, Solaire North will have northern Manila to itself.
COVID-19 has no doubt hurt the casino business badly. While most revenues come from mass-market customers, revenues are still down over 30% from pre-pandemic levels. As China is guiding for outbound tourism restrictions to stay for another year, expect the recovery to be gradual. Now that European and American exports of mRNA vaccines are ramping up expect the Philippines to finally start to recover from the pandemic in early 2022.
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