Bloomberry bets big on gaming
The relatively limited number of gaming developments around Asia-Pacific is poised to make the Philippines’ entertainment city development one of the biggest gaming hubs in the region, according to officials of Bloomberry Resorts Corp.
“By 2016, the gaming market in the Philippines will be [worth] $3.3 billion [in annual revenues],” said Brad Stone, who is one of the heads of Global Gaming Philippines LLC, which will manage the flagship Solaire Resort and Casino.
The $1-billion Solaire project—owned by billionaire ports tycoon Enrique Razon Jr.—is slated to open by March 2013, making it the first gaming resort to open among the four groups granted licenses to operate on the sprawling Manila Bay reclamation site of Philippine Amusement and Gaming Corp.
Stone said in a briefing yesterday that while demand for new casino destinations was growing among Asians, especially the increasingly affluent Chinese population, there is a limited supply of gaming reports apart from the large ones in Macau and Singapore.
His statement echoes the view of Pagcor chair Cristino Naguiat Jr., who pointed out that the Philippines stands to benefit from casino patrons who continue to seek new gaming destinations instead of staying loyal to one location.
Stone and his team had held senior positions with Las Vegas Sands Corp. and were directly responsible for the development of the Venetian Las Vegas, Palazzo Las Vegas, Sands Macau, the Venetian Macau and Marina Bay Sands in Singapore.
He said that while Solaire was intended to eventually ramp up its clientele toward high-spending VIP gamers, it will start by having slightly more players that contribute to the “mass revenue” segment.
“We’re not going to be Macau,” he said, drawing a contrast with the former Portuguese colony where as much as 75 percent of gaming revenues are in the VIP category. “But we can definitely compete with Macau.”
Stone said Solaire was expected to have approximately 55 percent of its gaming revenues come from the mass market in its early years, with the remaining 45 percent coming from VIP clients.
Of the $1-billion investment for the project committed by Bloomberry to the government, some $750 million would be spent on the first phase of the development.
Another $250 million would be spent on the so-called “Phase 1a” expansion segment.
Stone said the total investment for the Solaire complex would “easily” top $1 billion, when future developments are factored in.
The group has a total of 16 hectares of land to build the resort complex on, he added.
Meanwhile, Solaire’s chief operating officer Michael French said that the casino hotel complex would employ a total of 4,500 Filipinos once completed.
Company officials have so far gone on 20 recruitment roadshows nationwide, going as far down south as the cities of Davao and Cagayan de Oro to fill their staffing needs.
