Key Takeaways
In a swift move to address market rumors and speculation, Bloomberry Resorts Corporation has issued a statement to the Philippine Stock Exchange (PSE), categorically denying any plans to establish a gaming presence in Thailand. This clarification comes in the wake of a publication on Bilyonaryo.com, which hinted at the company's CEO, Enrique Razon, showing interest in Thailand's evolving gaming landscape.
According to the note, while Bloomberry is abreast of the developments regarding Thailand's gaming laws and the country's steps towards the legalization of casinos, the company clarified, "there is no such plan." This statement firmly positions Bloomberry's current stance on international expansion, specifically highlighting that, contrary to the circulating reports, the corporation has no intentions to venture into the Thai market.
This development is particularly noteworthy against the backdrop of Bloomberry's latest project, the unveiling of Solaire Resort North in Quezon City. The grand opening, graced by notable figures including President Ferdinand Marcos Jr. and First Lady Liza Araneta-Marcos, underscores Bloomberry's dedication to enhancing the Philippine gaming and tourism sector. PACGOR Chairman Alejandro H. Tengco lauded the resort as a landmark development, signaling a promising future for local industry growth.
The focus on Solaire Resort North comes at a crucial time, especially considering the financial outlay involved in this venture and its significance in Bloomberry's strategic direction, following a downturn in the company's financial performance in Q1 2024.
Meanwhile, Thailand's journey towards legalizing gaming and casinos continues to unfold. With the Prime Minister's endorsement and the potential involvement of global casino giants like Galaxy and MGM, the legislative landscape is gradually shaping up. Recent updates include regulatory proposals such as a 5% cap on casino floor space within entertainment complexes and a draft bill proposing a 17% casino tax.
Bloomberry's clarification serves as a reminder of the dynamic and often speculative nature of the gaming industry, where companies must navigate through market rumors, regulatory changes, and strategic decisions. As the situation in Thailand progresses and Bloomberry continues to solidify its presence in the Philippines, the industry watches on with keen interest, anticipating the next moves in this high-stakes business arena.
