Bloomberry Resorts Corporation Clarifies Expansion Plans: No Move into Thailand

5 months ago 0 385

In a recent development, Bloomberry Resorts Corporation has officially issued a clarification note to the Philippine Stock Exchange (PSE), categorically denying any expansion plans into Thailand. This move comes in response to an article on Bilyonaryo.com, which suggested that Bloomberry’s CEO, Enrique Razon, might be considering establishing a resort casino in Thailand.

The Clarification Note

Bloomberry’s note was explicit in its denial of the rumors. The company acknowledged receiving reports about Thailand’s recent efforts to legalize gaming but firmly stated, “there is no such plan.” The document emphasized that Bloomberry is aware of the evolving market conditions but currently has no intention of expanding into the Thai market.

Background of the Rumors

The speculation originated from an article on Bilyonaryo.com, which claimed that Bloomberry was closely monitoring Thailand’s legislative developments regarding casino legalization. The article suggested that Bloomberry’s CEO Enrique Razon could join other global gaming leaders showing interest in the Thai market.

Bloomberry’s Official Standpoint

In response to these claims, Bloomberry’s clarification note highlighted that while the company is interested in the overall market situation, it has “no idea what form [the legislation] will be” and reiterated that “there is no such plan” for expansion into Thailand at this time.

Recent Developments in Bloomberry’s Portfolio

Launch of Solaire Resort North

Bloomberry recently inaugurated Solaire Resort North in Quezon City. The launch event was a significant occasion led by President Ferdinand Marcos Jr. and First Lady Liza Araneta-Marcos. Key attendees included Quezon City’s mayor Joy Belmonte and PAGCOR Chairman Alejandro H. Tengco. Tengco praised Bloomberry for its meticulous planning and dedication, underscoring the resort’s potential to become a landmark destination.

Financial Impact

The investment in Solaire Resort North is substantial, contributing to a decline in Bloomberry’s Q1 2024 financial performance. Despite this, the company remains optimistic about the resort’s long-term benefits for the Philippine gaming and tourism industries.

Regulatory Environment in Thailand

Legalization Efforts

Thailand has been actively discussing the legalization of casinos and gambling. In 2023, the Prime Minister expressed support for the move, and major gaming companies like Galaxy and MGM reportedly showed interest in entering the Thai market.

Recent Legislative Updates

The legislative process in Thailand is still ongoing. Recent updates include a proposal to cap casino space at 5% of total entertainment complex areas and a 17% casino tax proposal. These measures are part of the draft bill aimed at regulating the industry.

Conclusion: The Definitive Statement

Bloomberry Resorts Corporation’s definitive statement regarding its non-involvement in Thailand underscores the company’s current strategic focus. The successful launch of Solaire Resort North demonstrates Bloomberry’s commitment to enhancing its presence in the Philippines. As the company navigates the evolving landscape of the gaming industry, it remains poised to capitalize on strategic opportunities while maintaining transparency with stakeholders.

FAQs About Bloomberry Resorts Corporation Clarifies Expansion Plans

1. What did Bloomberry Resorts Corporation clarify to the Philippine Stock Exchange (PSE)?

Bloomberry Resorts Corporation clarified that it has no plans to expand into Thailand, contrary to recent reports suggesting such intentions.

2. What prompted Bloomberry Resorts Corporation to issue a clarification?

The clarification was issued in response to an article on Bilyonaryo.com, which claimed that Bloomberry’s CEO Enrique Razon was interested in establishing a resort casino in Thailand.

3. What did the article on Bilyonaryo.com claim about Bloomberry’s plans?

The article suggested that Bloomberry’s CEO Enrique Razon was expected to join other global gaming leaders interested in Thailand’s market, closely monitoring the country’s efforts to legalize casinos.

4. What is Bloomberry’s official stance on expanding into Thailand?

Bloomberry stated that while it is aware of Thailand’s efforts to legalize gaming, it currently has no plans to expand into the Thai market.

5. What recent development has Bloomberry Resorts Corporation undertaken in the Philippines?

Bloomberry recently launched the Solaire Resort North in Quezon City, a significant investment expected to become a landmark destination in the Philippine gaming and tourism industries.

6. Who led the launch ceremony of Solaire Resort North?

The launch ceremony was led by President Ferdinand Marcos Jr. and First Lady Liza Araneta-Marcos, along with other notable attendees like Quezon City’s mayor Joy Belmonte and PAGCOR Chairman Alejandro H. Tengco.

7. What impact did the Solaire Resort North investment have on Bloomberry’s financial performance?

The investment in Solaire Resort North contributed to a decline in Bloomberry’s Q1 2024 financial performance, although the company remains optimistic about the resort’s long-term benefits.

8. What is the current status of casino legalization in Thailand?

Thailand is actively discussing the legalization of casinos and gambling. Recent legislative updates include a proposed cap on casino space at 5% of total entertainment complex areas and a 17% casino tax proposal.