LISTED integrated resort operator Bloomberry Resorts Corp. is aiming to launch its new online gaming business by the end of May, as the company seeks to enter a new business segment.
鈥淚t is running now, and we are on track for a full launch around the end of May or early June,鈥 Bloomberry Chairman and Chief Executive Officer Enrique K. Razon Jr. said during the company鈥檚 virtual annual stockholders鈥 meeting on Thursday.
鈥淲e are on track with the system. Our online business is currently undergoing extensive testing,鈥 he added.
Mr. Razon said the new online business will also help boost profit and revenue.
鈥淥ur strategy of aggressively pursuing our online business is how we intend to recover any lost revenue,鈥 he said.
In its 2024 annual report, Bloomberry announced that it is developing a new online platform to compete with electronic gaming companies such as BingoPlus, owned by Tanco-led listed gaming company Digiplus Interactive Corp.
Bloomberry鈥檚 Solaire brand and other companies secured approval from the Philippine Amusement and Gaming Corp. to accept bets through online gaming websites during the pandemic.
The integrated resort operator launched its own Solaire Online in April 2021, which competes with similar offerings by integrated resort operators in Entertainment City, Clark, and Cebu.
鈥淭he company believes that Solaire can continue to compete effectively against its competitors with its captured mass and VIP customers in the Philippines and across Asia, as well as through its superior product and excellent service,鈥 Bloomberry said.
Meanwhile, Mr. Razon said the continuous ramp-up of Solaire North, as well as further ramp-up of Solaire Entertainment City, along with the expected Philippine economic growth, are expected to help recover the revenue loss due to the ban on Philippine offshore gaming operators announced in July last year.
Mr. Razon also hopes that Solaire Resort North will soon turn profitable as it continues to ramp up operations following its launch in May last year.
鈥淭he ramp-up of Solaire North is going quite well. Every month it鈥檚 improving. We cannot say exactly when it will return to profitability, but it鈥檚 getting closer and closer. Hopefully, as soon as possible, we will be profitable,鈥 he said.
Bloomberry saw a 73% drop in its net income for 2024 to P2.6 billion due to higher depreciation and interest expenses. Gross gaming revenue increased by 6% to P61.7 billion, driven by new contributions from Solaire Resort North.
On Thursday, Bloomberry鈥檚 stocks dropped by 3.23% or nine centavos to P2.70 apiece. 鈥 Revin Mikhael D. Ochave
