Bloomberry Resorts Corporation, the parent company of Manila’s Solaire Resort & Casino, has revealed its intention to actively search for future investment opportunities in the gaming and hospitality space and beyond in order to enhance shareholder value.
Although Bloomberry said it doesn’t have any particular investments or acquisitions under “imminent consideration,” the company outlined in a Tuesday filing plans to expand “within a broader universe of possible opportunities which include gaming, hospitality and other non-gaming assets.
“The Company will consider various opportunities in light of their potential to create additional value for shareholders,” it added.
Bloomberry, headed by Philippines port-handling magnate Enrique K Razon Jr, currently operates Solaire Resort & Casino in Manila’s Entertainment City and Jeju Sun in Korea, and is developing its second Philippines integrated resort, Solaire North, in Quezon City.
As reported by Inside Asian Gaming, Razon last week described 2020 as a write-off for Bloomberry following the implementation of community quarantine measures by President Rodrigo Duterte that has seen all gaming operations on the Philippines’ main island of Luzon shut down until at least 30 April.
However, he also insisted that Bloomberry remained in a strong position to ride out the storm.
“When you are closed there is no cash flow really, although we have long term guests in the hotel who are staying put here, but the cash in the group is pretty healthy,” he said. “Of course this year, you can write it off, but there really are no concerns there.”
