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CASINO & GAMES
SOLAIRE NORTH SHOWS THE WAY FOR PHILIPPINES’ LAND-BASED GAMING
As online play increases and Entertainment City casino revenue shrinks, growth lies in finding underserved areas, writes Muhammad Cohen
Solaire North COO, Greg Hawkins
F ollowing a post-Covid boom unseen in the rest of Asia, tough times have arrived in Manila’ s Entertainment City. While Philippine economic growth hums along in the 5 %-6% range, gaming revenue at the bay front casino hub fell 5 % last year and, according to Morgan Stanley, by about 35 % year-on-year in this year’ s first quarter amid disappointing tourism numbers and booming online gaming.
Melco International wants to sell its City of Dreams Manila operation but can’ t find a buyer, not even its landlord Belle Corp, gaming arm of the Sy family’ s multibillion dollar SM empire. Gross gaming revenue at COD Manila fell to $ 109 million(£ 80 million), down 13 % year on year in the first quarter. Adjusted EBITDA dropped 21 % to $ 30 million.
Market leader Solaire’ s longtime President and COO Thomas Arasi retired in December, ahead of the Bloomberry Resorts’ flagship IR reporting revenue falling short of the $ 1 billion mark, down 9 % to PHP53.2 billion($ 916 million at year-end exchange rates), and EBITDA dropping 17 %. In this year’ s first quarter, GGR tumbled another 17 % and EBITDA cascaded 35 %.
At neighbouring Okada Manila, GGR fell by 22 % last year and another 11 % in the first quarter of 2025. Sandwiched between the two Entertainment City giants, billionaire Tan family-controlled MegaWorld’ s Westside City remains unfinished as casino operator LET, the non-junket rump of Macau’ s Suncity Group, pushes back its estimated completion date amid apparent funding shortfalls.
On the bright side, Bloomberry’ s corporate 2024 GGR rose 6 % and net revenue increased 10 % year-onyear, with further first quarter bumps of 14 % and 15 % respectively. Those gains are thanks to Solaire North, an urban integrated resort in the midst of Metro Manila’ s bustling Quezon City that celebrated its first anniversary on 25 May.
“ Solaire North has kept BLOOM afloat in terms of GGR growth despite the challenging environment for casinos,” CLSA analyst Amos Ong writes.“ We expect this to continue as the property attracts more players from Clark and cities north of Metro Manila such as Caloocan, Malabon, Navotas and Valenzuela.”
20 • ISSUE 138 • iGB L! VE 2025