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The operator of Okada Manila, Universal Entertainment, decided to sell its shares in Asiabest Group International Inc. (ABG) to Premiumlands Corp. Universal Entertainment Corp., the parent company of Okada Manila operator Tiger Resort, Leisure and Entertainment Inc. (TRLEI), has announced that it will not be pursuing plans to list on the Philippine Stock Exchange (PSE).  This decision, outlined in a December 6, 2024 filing, comes as the company’s wholly-owned subsidiary, Tiger Resort Asia Ltd. (TRA), prepares to sell its entire 66.67% stake in Asiabest Group International Inc. (ABG) to Metro Manila-based real estate developer PremiumLands Corp.   The sale of 200 million shares, valued at P510.4 million (US$8.8 million), signals a significant shift in strategy for TRA. These shares were originally acquired in February 2019 as part of a backdoor listing plan for Okada Manila. At the time, the company aimed to use ABG as a vehicle to publicly list TRLEI on the PSE.   TRA cited the robust financial performance of Okada Manila in recent years as a key reason for abandoning its listing plans. “Considering that the financial performance of Okada Manila, the integrated resort operated by TRLEI, has been growing steadily and performing well in the past years, TRA has judged that the necessity of AsiaBest Group for TRLEI to be listed no longer exists,” the company stated in its filing.   Universal Entertainment’s decision to sell its stake in ABG aligns with its goal of business portfolio transformation, the company said. Despite shelving its immediate plans to list TRLEI, the group left open the possibility of revisiting the idea in the future, promising to "promptly provide notification" to stakeholders should such plans materialize.   No Immediate Financial Impact   The transaction, which is scheduled to be completed in 2025, is not expected to impact Universal Entertainment’s consolidated financial results for the fiscal year ending December 31, 2024. The delayed execution of the share transfer ensures that the company’s current fiscal year remains unaffected by the sale.    This is not Universal Entertainment’s first attempt to list its Philippine operations. In a previous effort, the company partnered with 26 Capital Acquisition Corp., a U.S.-based Special Purpose Acquisition Company (SPAC) listed on NASDAQ. The proposed merger, which would have taken Okada Manila public through a joint venture, ultimately fell through. The SPAC was liquidated, and its registration as a listed entity was terminated.   The decision to sell its ABG stake to PremiumLands Corp. reflects Universal Entertainment’s focus on optimizing its business portfolio. TRA initially acquired 200 million shares of ABG in February 2019 with plans to use it for a backdoor listing of Okada Manila.  PremiumLands, a real estate firm based in Metro Manila, will acquire full control of ABG following the transaction.   Read related article: Okada Manila Reports 33.4% Revenue Drop to $142M in 3Q 2024

Thailand plans to open two integrated resorts (IRs) in Bangkok and one each in Phuket, Chiang Mai, and Pattaya. Galaxy Entertainment Group has expressed its intention to focus solely on a potential integrated resort (IR) project in Bangkok, even as Thailand plans to issue up to five gaming licenses nationwide, with three set for locations outside the capital.  The integrated resorts--with licenses planned to be issued by Thailand--will have two in Bangkok and one each in Phuket, Chiang Mai, and Pattaya. The duration of these licenses is 30 years, with the option to renew for a further 10 years. The anticipated 17 percent gaming tax rate is comparatively low when compared to other casino countries, with the exception of Cambodia. The reasoning behind this move as stated by Galaxy's management was due to Bangkok being one of the most popular tourism destinations in the world, which would give itself "more certainty on its investment return." Galaxy is aiming for up to $300 million in annual Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) due to strong tourism prospects.  Goldman Sachs revealed this information after Galaxy's Chief Financial Officer (CFO) Ted Chan and Senior Vice President of Investor Relations Peter Caveny met with investors during a roadshow in Singapore earlier this week. "They are open to partnering with local businessmen or companies with strong connections and relationships," said the report, as quoted by Asian Gaming Brief. Thailand's tourism sector has a lot of room to grow in the gambling sector, according to Goldman Sachs. Last year, the nation received 28 million foreign tourists, which is similar to Macau's inbound tourism. Since most of these tourists were from ASEAN nations, the gaming industry has a strong basis for expansion. Thailand's efforts to legalize casinos are moving along gradually. The Cabinet is anticipated to receive the draft bill for the IR initiative by the end of this year, and additional parliamentary discussion is anticipated in the first half of 2025. By the middle of Fiscal Year 2025, the government might release a Request for Proposal (RFP) if it is accepted. Galaxy projects a possible $0.8 billion initial equity investment, with a projected $3 billion total capital expenditure (capex) for the project, which is marginally more than the minimum requirement of THB100 billion ($2.9 billion). In accordance with the standard 50/50 equity/debt funding model, the brokerage observes that Galaxy's robust cash flow and balance sheet would support this finance, with half of the investment going to a local partner. The casino resort may also take several years to complete, according to Goldman Sachs analysts, because of the size and complexity of such projects. Assuming a 15–25% return on invested capital (ROIC), which is a standard adopted from other regional casino projects, Galaxy expects to generate $225–300 million in EBITDA annually upon completion. Considering that FY24's estimated EBITDA is $1.5 billion, this would provide a significant boost to the company's future profits. With a forecast of $28 billion in GGR for 2024, Macau continues to be the largest casino center in the area when compared to other Asian markets, according to the brokerage's analysis of future market development. With $5.1 billion in GGR for FY23, Singapore is the second-largest market. The Philippines comes in third with $3 billion, followed by South Korea and Malaysia with $1 billion each. Read related article: ACN Spotlight: Winna Media CEO Weighs Thailand Casino Potential

The Hann Reserve project, located in New Clark City in Tarlac, is poised to become the largest of its kind in the Philippines. Hann Development Corp.(HDC) is set to revolutionize the Philippine golf and leisure scene with its 10-hectare Hann Reserve project, which broke ground last November 5, 2024.   This ultra-luxe integrated resort, located in the burgeoning New Clark City, is poised to become the largest of its kind in the Philippines. HDC Chairman and CEO Daesik Han and golf legend Sir Nick Faldo led the groundbreaking event. The project, in collaboration with Accor, Marriott International, and the PGA, promises a world-class golfing and leisure experience. READ: Philippines to Add 456,000 New Hotel Rooms by 2028 “As promised, we never stop here at Hann. After giving you the first fully integrated resort in Clark, we now bring to life another dream concept as we officially start the construction of Hann Reserve,” Han said, as reported by BusinessWorld.  “Together, this landmark development will usher in the most luxurious and exclusive golfing and leisure experience for golfers and non-golfers alike, families, and business-leisure travelers,” Han added.   Beyond the golf courses, Hann Reserve will feature a 10-hectare public park, a testament to HDC's commitment to community and sustainability. This park will offer a variety of recreational activities, including mountain biking, fitness areas, and elevated treetop bridges. It will also incorporate cultural elements inspired by Philippine folklore and the stunning natural beauty of Mount Pinatubo. The park's design emphasizes accessibility and sustainability, with features like accessible walkways, a mini-golf course, and the use of native plants. It aims to be a tranquil oasis for locals and tourists alike, fostering a sense of community and well-being. As Hann Reserve continues to take shape, it is poised to become a premier destination for golfers, leisure travelers, and families. Read related article: Kevin Tan invests $300M in Boracay Casino, $400M in Cebu IR

The gross gaming revenues of Newport World Resorts declined “due to lower win rates [despite] an overall volume growth” during the first nine months of 2024. Manila’s Newport World Resorts has seen a notable decline in net gaming revenues for the first nine months of 2024. This decrease, amounting to 4.5%, is attributed primarily to lower win rates despite an overall increase in gaming volume. The Travellers International Hotel Group, which operates Newport World Resorts, disclosed that the company recorded net gaming revenues of P17.5 billion as of September 30, 2024. According to Inside Asian Gaming, Travellers’ results for the first three quarters of 2024 was disclosed as part of parent company Alliance Global Group’s (AGI) Quarterly Report for Q3.  Management indicated that the “decline in gross gaming revenues [was] due to lower win rates [despite] an overall volume growth.” In contrast, the non-gaming core revenues from various sectors including hotels, food and beverage, and other operating income saw a positive trend, increasing by 9% year-on-year to reach P5.4 billion. This growth was propelled by higher occupancy rates in hotels and increased food and beverage covers. In the third quarter of 2024, Travellers reported total revenue of P7.33 billion, reflecting an 11.5% decline compared to the same period last year and a substantial 20.1% decrease from the previous quarter. However, when looking at the first nine months collectively, total revenue showed a modest increase of 0.9%, totaling P23.6 billion. The performance of Newport World Resorts has been bolstered by a resurgence in both domestic and international tourism throughout 2024. The occupancy rates across its five hotels have improved significantly, ranging from 77% to 88%, compared to 74% to 86% in the previous year. This rise in tourism activity has helped mitigate some of the negative impacts from the gaming sector. The Travellers group plays a vital role within its parent company, Alliance Global Group, accounting for approximately 15% of AGI’s consolidated revenues and income, while contributing around 2% to its consolidated net profit. While the current figures indicate challenges within the gaming sector due to low win rates, the overall growth in non-gaming revenue streams and improved hotel occupancy suggests potential resilience for Newport World Resorts moving forward. A more detailed breakdown of gaming performance is anticipated soon as AGI prepares for an upcoming investor's day.  Read related article: Did Conflicts Cause Leadership Changes in Newport?

A Singapore regulator has granted a shortened two-year casino license extension to Resorts World Sentosa due to “unsatisfactory” tourism performance. Singapore regulators granted a shortened casino license extension to Resorts World Sentosa for having an "unsatisfactory" tourism performance. RWS operates one of Singapore's two casinos.  Singaporean media conglomerate CNA reported that the fresh two-year term begins on February 6, 2025. Singapore's Gambling Regulatory Authority described RWS' tourism performance in the last couple of years (January 2021 to December 2023) as "unsatisfactory," adding that some areas may need to be improved.  Resorts World Sentosa houses attractions such as the Universal Studios in Singapore, the Adventure Cove Waterpark, and the S.E.A. aquarium along with hotels such as Genting Hotel Jurong and the Hard Rock Hotel. It is developed by Genting Singapore.  In response, Genting Singapore said it was continuing to "accelerate its transformation to refresh and rejuvenate existing offerings."  This comes as RWS broke ground on its expansion project last November 15, 2024. RWS will effectively upgrade Universal Studios Singapore by adding Minion Land, and the rebranding of the S.E.A aquarium into the Singapore Oceanarium–both set for a 2025 opening.  "With its RWS 2.0 expansion plans underway, RWS is dedicated to maintaining its status as the premier lifestyle tourism destination," GWS said, as quoted by Inside Asia Gaming.  Authorities considered the recommendations of an independent evaluation panel and relevant government agencies. The panel deemed RWS's tourism performance unsatisfactory and suggested a two-year license extension with a review scheduled for 2026. Read related article: Resorts World Sentosa $5 Billion Revamp Set to Open in 2030

Resorts World Sentosa has launched a $5 billion waterfront expansion, set to open by 2030, with the goal of reversing its slowdown in gaming revenue. Genting Singapore is embarking on an ambitious expansion of its flagship integrated resort, Resorts World Sentosa (RWS), with plans to complete the development by 2030. The S$6.8 billion (US$5 billion) project is designed to attract more visitors to RWS, a move aimed at reversing the decline in earnings in recent years. On November 15, 2024, the company broke ground on the new waterfront lifestyle development, marking the beginning of construction on what is expected to be one of Singapore's most exciting new tourism attractions. The expansion will feature a waterfront promenade, a four-story retail, dining, and entertainment complex spanning 228,658 square feet, and two new luxury hotels with a combined 700 hotel rooms.  Tan Hee Teck, CEO of Genting Singapore, emphasized the scale and uniqueness of the project, describing it as "like no other before it in Singapore or the region." He added that the new development would become a "must-visit" destination in the global tourism landscape, underscoring the company’s ambition to redefine Singapore’s position as a top global tourism hub. Adding Luxury and Leisure to RWS Resorts World Sentosa is set to open two new hotels, increasing its total to eight and enhancing its luxury accommodations. The expansion adds 700 hotel rooms, catering to international and regional tourists. These additions will complement RWS's world-class entertainment, dining, and gaming experiences, further solidifying its appeal as a premier destination. The new four-story podium will house a mix of retail outlets, world-class dining options, and entertainment spaces, creating a dynamic environment for visitors. The development aims to enhance the guest experience and drive foot traffic, attracting both tourists and locals looking for premium leisure experiences. A Boost for Singapore’s Tourism Industry Minister of State for Trade and Industry Alvin Tan attended the groundbreaking ceremony and highlighted the importance of Singapore's integrated resorts in the nation's tourism strategy. He noted that Singapore’s IRs have played a significant role in enhancing the city-state’s position as a leading destination for events, leisure, and entertainment. "The new waterfront lifestyle development is a key feature of RWS’s expansion and an exciting new addition to Singapore’s vibrant tourism landscape," Tan was quoted as saying in an article published by the Singaporean publication Business Times.  He also emphasized the potential economic impact of the development, stating that the project could create numerous jobs, offer new opportunities for local businesses, and contribute to the broader economy. Tan’s comments reflect the government’s ongoing support for the tourism and hospitality sectors, which have faced significant challenges due to the global pandemic and the slower-than-expected recovery of international travel. Competition and Challenges in the Market The major expansion at Resorts World Sentosa comes at a time of heightened competition in Singapore’s integrated resort market. Rival Marina Bay Sands (MBS), owned by Las Vegas Sands, is also investing heavily in its Singapore operations. MBS has announced a $1.75 billion refurbishment of its three hotel towers, which will add 1,850 hotel rooms to its inventory.  Looking further ahead, MBS is planning an even larger expansion with the construction of a fourth tower, expected to cost US$8 billion. Set to begin in July 2025, this expansion will add 570 more hotel rooms, a 15,000-seat entertainment arena, and additional event spaces. The scale of this project underscores the competitive nature of the Singaporean resort market and highlights the importance of continued investment to maintain a leading edge in attracting both tourists and corporate clients. A Changing Landscape for Gaming and Tourism The ongoing expansion efforts at both Resorts World Sentosa and Marina Bay Sands are driven by the need to adapt to changing market dynamics. While Singapore has long been a favorite destination for high-end leisure travelers, the country’s integrated resorts are facing new challenges. The global tourism industry is still recovering from the pandemic, with international visitor numbers not yet returning to pre-pandemic levels. Meanwhile, the local gaming sector is encountering increased competition from other regional gaming markets, including Macau and emerging destinations in Southeast Asia. Despite these challenges, Genting Singapore’s decision to proceed with such a major expansion signals confidence in the long-term prospects for both RWS and the Singapore tourism industry as a whole. By diversifying its offerings and focusing on luxury accommodations, dining, and entertainment, RWS aims to attract a broader audience and position itself as a key player in Singapore’s post-pandemic tourism recovery.  Read related article: Las Vegas Sands to Invest $8B in Marina Bay Sands Expansion

PH Resorts, the promoter of the stalled casino project Emerald Bay in Cebu said Udenna Corp is ready to aid the group in meeting its financial liabilities. The promoter of the now-stalled casino project Emerald Bay in Cebu said Udenna Corp has proven its capacity and readiness to assist the group in meeting its financial responsibilities PH Resorts Group Holdings, the gaming and hospitality arm of Udenna Corporation, reported a P101.3 million net loss for the third quarter of 2024, and a total loss of early P392.9 million for the year up to September 30. This net loss is smaller compared to last year's loss of P2.2 billion. Udenna Corporation is owned by Dennis Uy.  READ: 100 POGOs Still Operating in PH Despite Ban In its third quarter filing last November 15, PH Resorts announced that it received a letter of financial support from its ultimate parent company, which pledged to provide ongoing assistance. The letter specifically addresses a PHP1 billion deposit from Bloomberry Resorts Corp, with the parent company committing to support PH Resorts until it is able to repay the amount without compromising its liquidity. “The group received a letter of financial support from its ultimate parent company stating that it shall extend its full and continuing support for PH Resorts with regard to the P1 billion deposit from Bloomberry Resorts Corp until such time that the group is in the position to repay this amount without impairing its liquidity position," PH Resorts said, as quoted by   GGR Asia .  They aim to settle this "before the end of 2024." PH Resorts shared in its latest update that the termination of the previous agreement has actually opened the door for new opportunities. The company mentioned that, while some potential investors had been unable to move forward with the Emerald Bay project due to previous restrictions, several have now expressed strong interest. These talks are still ongoing, with due diligence happening at various stages. In addition, the company reclassified a non-refundable payment of P327.6 million it received from its former partner, TRLEI, as income, reflecting a shift in its financial outlook. PH Resorts also reassured investors that its management is confident about its financial future. They believe that their plans for raising capital will generate enough cash flow to meet the company’s obligations, support ongoing operations, and help complete projects. As a result, the company has continued to prepare its financial statements under the assumption that it will remain operational. Meanwhile, Bilyonaryo reported that PH Resorts still earned P327.6 million despite a thwarted plan by Okada Manila operator Resort Leisure Entertainment to buy the casino project.  READ: Has the POGO Ban Impacted PH’s Appeal as an Investment Hub?

Bloomberry Resorts launches its gaming app in the third quarter of 2025, expanding into online gaming with exciting new opportunities for players. Stay tuned Bloomberry Resorts plans to launch its own gaming app in the third quarter of 2025. The company, which owns and operates Solaire integrated resorts, will soon expand its operations into the online gaming market.   Solaire has tapped European B2B iGaming technology provider Gaming Innovation Group (GiG) to develop and operate its new gaming app.  Last November 12, GiG announced its partnership with Bloomberry which allows the integrated resort to leverage GIG's advanced technology, including AI-powered tools. This will allow them to deliver what is described as a seamless and engaging online gaming experience for its customers. Furthermore, Solaire is actively exploring partnerships with popular e-wallets to provide convenient payment options for its online players. While Solaire has already secured a partnership with Manny V. Pangilinan-owned Maya, it is also aiming to integrate its services into the widely used GCash platform. This move into the online gaming market aligns with Bloomberry Resorts' broader strategy to diversify its revenue streams and capitalize on the growing popularity of online gambling in the Philippines.  It is worth noting that Bloomberry Resorts just opened its second integrated resort, Solaire North, in Quezon City in May 2024. This state-of-the-art facility offers a range of gaming, dining, and entertainment options, further enhancing the company's presence in the Philippine gaming market.

Businessman Lavish Mohan Paryani and casino employee Reigna Reyes face criminal charges for allegedly defrauding RTI Inc. of P12 million. According to report published by the Philippine Star, Paryani and Reyes presented themselves as owners of a legitimate company that supplied premium prizes to the casino for its patrons and guests. This meeting was reportedly facilitated by Filipino-Indian billionaire Rajiv Chandiramani, one of the principal stockholders of RTI. The introduction occurred at Paryani’s request, and the two men have known each other for several years, as claimed by Maria Anita Turqueza, the corporate treasurer and duly authorized representative of RTI. The alleged fraudulent scheme unfolded on April 4, when Paryani and Reyes requested a loan of P10 million from RTI. They assured the company that they would repay the loan within 90 days, along with an additional P2 million in interest. To add credibility to their request, they issued a check for the total amount of P12 million. However, once the loan was secured, Paryani and Reyes reportedly ceased all communication with RTI. This prompted the company to investigate, leading to the discovery that the check was drawn from a closed bank account. As a result, the check bounced, leaving RTI without the promised funds and raising serious concerns about the legitimacy of the transaction. In the aftermath of these revelations, Reyes was arrested on October 11. She contended that she should not be held liable for fraud, claiming she did not issue the dishonored check. This defense raises questions about her role in the alleged scheme and whether she was an active participant or merely a pawn in Paryani’s alleged fraud. Businessman Lavish Mohan Paryani , on the other hand, remains at large and is currently the subject of a police manhunt. Authorities are actively seeking his apprehension, as he did not submit a counter-affidavit despite being subpoenaed.

The launch of the Suntrust Manila hotel casino, originally scheduled for an earlier date, has now been delayed until the fourth quarter of 2025.  The launch of the Suntrust Manila hotel casino, originally scheduled for an earlier date, has now been delayed until the fourth quarter of 2025.  Developed by Suntrust Resort Holdings, a subsidiary of LET Group, the casino project aims to bring a new level of luxury to Manila’s gaming scene. Once completed, the hotel casino at Westside City will feature 475 premium hotel rooms, a casino floor with 281 gaming tables, 1,126 slot machines, and 134 electronic table games. The facility will also include a pool deck, spa and wellness center, ballroom and MICE (Meetings, Incentives, Conferences, and Exhibitions) space, various theaters, a grand opera house, a food mall, and four cinemas. Suntrust reported a net loss of PHP477.6 million for the first nine months of 2024, highlighting a difficult financial period that has impacted project timelines. Earlier this year, Suntrust received two loans from LET Group, totaling US$55 million, to support its development efforts. Philippine Amusement and Gaming Corp (PAGCOR) chair Alejandro Tengco, in a June interview with GGRAsia, indicated he had received assurances that the project remains on track despite the financial concerns. In October 2024, Suntrust signed a US$5.3 million contract with a subsidiary of International Game Technology Plc to supply and maintain gaming equipment for the hotel casino, a move that underscores Suntrust’s commitment to completing the project. With an anticipated launch in late 2025, the Suntrust Manila hotel casino promises to enhance Manila’s tourism and gaming sectors, attracting both local and international visitors to a vibrant entertainment destination.

Gaming Innovation Group signs its first long-term agreement in Asia with Bloomberry Resorts to boost online gaming offerings in the Philippines. European B2B iGaming technology provider Gaming Innovation Group (GiG) has officially expanded into Asia through a strategic contract with Bloomberry Resorts in the Philippines. Bloomberry operates Solaire Resort & Casino in Manila, and this partnership is expected to further modernize and enhance Solaire's online gaming operations. As part of the long-term agreement, Bloomberry and its flagship Solaire brand will utilize GiG’s iGaming platform, CoreX, which is known for its scalability and flexibility in managing online gaming operations. In addition, the partnership will provide Bloomberry with access to GiG’s AI-powered tools, LogicX and DataX, which are designed to optimize player engagement and data analytics. This collaboration aims to strengthen Solaire's online gaming presence and drive growth in the rapidly expanding Philippine market. This aligns with GiG's growth strategy as it explores opportunities in the fast-developing online gaming sector across Asia. Richard Carter, CEO of GiG, expressed enthusiasm about this significant expansion, highlighting the vast potential in the Philippine market. "This is a landmark moment for GiG as we enter the Asian iGaming market for the first time and continue to deliver on our strategic objectives, enlarging our total addressable market. Our experience in delivering cutting-edge iGaming solutions in evolving regulatory environments, together with Bloomberry's established market presence, means GiG is poised to take full advantage of the region's growing online gaming sector," said Carter in a statement released by GiG.  The partnership also aligns with the Philippines' goal to be a leader in regulated online gaming across the region. By introducing its innovative solutions, GiG aims to improve the player experience at Solaire's online platform, reinforcing Bloomberry's position in the competitive landscape of Asian gaming.  With the Philippines being a rapidly growing market for online gaming, GiG's entry highlights its commitment supporting regulated gaming environments while advancing Bloomberry's digital transformation. This collaboration could pave the way for further partnerships in Asia as the region's demand for online gaming continues to grow. The Philippine online gambling market is projected to reach a revenue of around $680 million by the end of 2024, with a steady growth rate (CAGR) of approximately 4.94% expected from 2024 to 2029. According to Statista, the market is expected to grow to $865.6 million by 2029, driven by increasing user engagement and digital transformation in the gambling space.

Bloomberry Resorts' nine-month net income dropped 57.83% to P3.5 billion due to costs from Solaire North and fewer casino patrons. Bloomberry Resorts Corp., the listed operator of the renowned Solaire Resort & Casino, reported a significant decline in net income for the first nine months of 2024. Despite a modest increase in revenues, the company’s net income plummeted by nearly 58 percent, largely due to rising operational costs tied to its newest project and reduced patronage at its casinos. In its November 13, 2024 stock exchange filing, Bloomberry disclosed a 57.83 percent drop in its net income, which fell to P3.5 billion from P8.3 billion in the same period last year. The company’s revenue, however, showed some resilience, rising by 6 percent to P38.5 billion for the first nine months of 2024, compared to the same period in 2023. Impact of Solaire North and Increased Operational Costs The steep decline in net income was primarily attributed to a combination of factors, including the opening costs of Bloomberry's latest project, Solaire Resort North in Quezon City. The resort, which opened in May 2024, contributed to a P470-million net loss in the third quarter alone. In contrast, the company had recorded a net income of P1.9 billion during the same period in 2023.  A significant portion of the loss was due to higher depreciation and interest expenses incurred during the early stages of Solaire North’s operations. As a newly established property, the resort is still in the process of ramping up its operations, leading to higher upfront costs before it can generate sustained revenue streams. Enrique Razon Jr., Bloomberry's chair and CEO, acknowledged that the company faced challenges in its business environment. He noted that the gaming volumes at Solaire’s flagship location in Entertainment City had also decreased, reflecting a broader slowdown in patronage at the company’s casinos. Growth in Gaming Revenues Amid Challenges While the decline in net income was a major concern, Bloomberry did find a silver lining in its gaming operations. Despite the challenges in Entertainment City, the company saw a notable uptick in gross gaming revenues (GGR) during the third quarter of 2024.  This increase in gaming revenues was largely driven by the new contributions from Solaire North. Although the project is still in its early stages, Razon emphasized that the expansion of Bloomberry's footprint in Quezon City has helped to offset the weaker performance at Entertainment City. As more patrons flocked to the new resort, Solaire North’s gaming operations showed promise, offering a much-needed boost to the company’s overall gaming income. Razon stated that the contributions from Solaire North helped counterbalance the downturn, leading to a 22% increase in gross gaming revenues (GGR), which reached P16.3 billion from July to September. For the first nine months of 2024, Bloomberry’s GGR totaled P45.5 billion, reflecting a 2 percent increase from the same period in 2023. While the overall gaming revenue growth was modest, the positive results from Solaire North provided some optimism for the company’s future prospects. Solaire North's Potential Solaire Resort North, which opened its doors earlier this year, is seen as a key pillar in Bloomberry’s growth strategy. Located in Quezon City, the resort is expected to complement the existing Solaire Resort and Casino in Entertainment City, offering a more diversified gaming experience. With additional hotel rooms, gaming floors, dining options, and entertainment facilities, Solaire North is poised to capture a new segment of the market, particularly from tourists and locals who may find the location more accessible than the flagship property in Paranaque. The launch of Solaire North was part of Bloomberry’s broader efforts to expand its operations and reduce its reliance on a single property. The company has been actively working to increase its market share by diversifying its offerings and enhancing the customer experience.   On November 12, 2024, Bloomberry signed a long-term agreement with European B2B iGaming technology provider Gaming Innovation Group Software Plc (GiG).  GiG will provide Bloomberry and the Solaire brand with access to a range of the technology solutions, enabling the group to significantly enhance its online gaming offering in the Philippines. As part of the Agreement, Bloomberry and Solaire will be able to utilise GiG’s iGaming platform CoreX, and AI tools LogicX and DataX.