Billionaire Enrique K. Razon Jr has hit the jackpot with his new $1 billion casino, Bloomberry Resorts’ Solaire Resort North, which is expected to break even in its first year of operations. The property is already experiencing strong demand, with at least 60% of hotel rooms occupied and restaurants filling up quickly, even on weekdays. The upscale resort is drawing crowds from Metro Manila and nearby areas, making it a popular destination in the region.
Solaire Resort North, located in Quezon City, features 526 rooms and suites, 163 tables, and 2,669 electronic gaming machines. The property was strategically built to cater to the northern cities of Metro Manila and neighboring provinces, with a focus on mass gaming that is expected to bring in the majority of its revenues from slot machines. Analysts predict that Solaire North will generate 22.5 billion pesos in casino and hotel revenues this year and provide a significant boost to Bloomberry’s financial performance.
Maybank forecasts a 20% increase in Bloomberry’s revenue this year, reaching 57.7 billion pesos, and expects it to climb to 78.9 billion pesos by 2026. Solaire North is expected to be EBITDA positive by the fourth quarter as it ramps up promotional activities and taps into the markets in Quezon City and its surrounding areas. Being the only five-star hotel in northern Metro Manila, Solaire North has a monopoly on luxury accommodation, high-end convention facilities, and posh dining options.
Despite the global competition in the Asian Pacific gaming market, Solaire Resort North is not dependent on overseas gamblers, including those from mainland China, to be profitable. Chief Operating Officer Gregory Hawkins is optimistic about the property’s performance, citing positive signs and thousands of visitors since its opening. Razon’s involvement in the design and selection of materials for the resort, along with his other business ventures, reflects his successful track record and substantial net worth.
Razon’s focus on mass premium markets and the unique offerings of Solaire Resort North set it apart from other properties in the region. The resort’s emphasis on domestic visitors and a diverse range of amenities make it a sought-after destination in Metro Manila. With its strong start and projected revenue growth, Solaire Resort North is poised to be a lucrative venture for Bloomberry Resorts and further solidify Razon’s position as a prominent figure in the Philippine business landscape.
