This is part of a multi-pronged strategy to return to growth after earnings in 2024 fell 73 percent, partly due to costs related to the opening of its second casino resort, Solaire North, which has been operating for 11 months.
Razon, the chair and CEO of Bloomberry, said the plan is to soon roll out a “new mainstream brand [that] will complement Solaire Online and is anticipated to bring our brand of online gaming and entertainment to Filipinos nationwide”.
“We are on track and the systems and our online business is now is undergoing extensive testing. It is running now and we are on track for a full launch around end of May, early June,” Razon said during the company’s annual stockholders’ meeting on Thursday.
The casino giant, facing challenges from weaker high-roller participation and modest growth in mass gaming, will be “aggressively pursuing our online business", he said.
This will also compete with established players such as tycoon Eusebio Tanco-chaired DigiPlus Interactive, which controls about half of online gaming sector revenues.
Meanwhile, the company will also ramp up operations at Solaire North, which opened May 25 last year, although Razon said it was difficult to pin down a date when it would turn a profit.
“Every month is improving and we cannot say exactly when it will turn profitable but it’s getting closer and closer and hopefully, as soon as possible, we will be in profitability,” he said.
Lastly, Razon said during the meeting they also plan to revitalize gaming activity to ensure growth at Solaire Entertainment City along Manila Bay.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
