Razon says Bloomberry to invest in other areas

Bloomberry Resorts Corp. on Tuesday announced plans to broaden its portfolio by investing in gaming, hospitality, and other non-gaming assets.

Bloomberry made the announcement despite the current uncertainties in the global and domestic economy brought about by the coronavirus disease 2019 pandemic.

“Bloomberry Resorts announces its intent to make additional future investments in the interest of enhancing shareholder value,” the company in a disclosure to the stock exchange said.

The company said future investments would be considered within a broader universe of possible opportunities, which include gaming, hospitality, and other non-gaming assets.

It said it would consider various opportunities in light of their potential to create additional value for shareholders.

“At this time, the company does not have any particular investments or acquisitions that are under imminent consideration and therefore will not make any investment-related announcements in the near-term,” the company said.

Bloomberry is currently operating Solaire Resort & Casino within the government-sponsored Pagcor Entertainment City. It also owns and operates Jeju Sun Hotel & Casino in South Korea.

Bloombery is also building Solaire North in Vertis North, Quezon City. The project is scheduled for completion by 2023.

The company’s gaming floor at Solaire Resort & Casino has been closed since March 16 upon the instructions of Philippine Amusement and Gaming Corp. and in compliance with the government’s enhanced community quarantine initiative.

The share price of Bloomberry rose 3.81 percent Tuesday to P6.

Bloomberry reported a consolidated net income of P9.9 billion in 2019, up 38 percent from P7.2 billion in 2018 on strong gaming revenues. Consolidated gross gaming revenue at Solaire rose 17 percent to P59.8 billion from P51 billion the previous year.