Bloomberry Resorts Corporation has dampened speculation about an immediate venture into Thailand. Although the gaming company recognized its attraction to the Thai market, it verified that there are no definite strategies for such an action presently.
The corporation’s declaration, issued to the Philippine Stock Exchange, was triggered by a report on Bilyonaryo.com implying that Bloomberry was considering Thailand as a prospective site for a new integrated resort. The report even went as far as to assert that Bloomberry CEO Enrique Razon Jr. was prepared to join the league of international gaming titans establishing a presence in Thailand.
Bloomberry countered these assertions as mere conjecture. Nevertheless, the company conceded that it was closely monitoring Thailand’s efforts to authorize casinos and the potential income this could yield. While recognizing the recent shifts in Thailand’s gaming regulations, Bloomberry stressed that the details of these rules remain ambiguous.
Currently, Bloomberry’s concentration remains on its existing ventures, with the recent grand unveiling of the highly anticipated Solaire North in Quezon City. This newest addition to Bloomberry’s portfolio was inaugurated by none other than Philippine President Ferdinand Marcos Jr. himself, accompanied by First Lady Liza Araneta-Marcos.
Alejandro Tengco, the chief of the Philippines’ gambling regulator PAGCOR, lauded Bloomberry Resorts’ Solaire North venture in Quezon City. He posits it will be a flagship location, introducing a fresh period for both travel and gaming in the Philippines. This represents a substantial expenditure for Bloomberry, particularly as their earnings declined in the initial quarter of 2024 owing to escalating expenses.
Regarding regulatory frameworks, Thailand has been abuzz with discussions about decriminalizing wagering. The Head of Government signaled backing for it in 2023, and major corporations like Galaxy Entertainment and MGM Resorts have indicated interest in the Thai sector. Nevertheless, matters are still under development. Current developments encompass potentially restricting casino areas to 5% of leisure facilities and a suggested 17% casino levy once the legislation is concluded.
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