Bloomberry Resorts Corporation
Hospitality, Food Service & Tourism Industry
The Philippines’ leading integrated resort developer and operator.
Information about the CompanyBloomberry Resorts Corporation (Bloomberry) is a public company listed on the Philippine Stock Exchange with a market capitalization of PHP121 billion (USD2.2 billion) as of June 30, 2023. Bloomberry develops and operates destination resorts featuring premium accommodations, gaming, and entertainment amenities as well as award-winning restaurants and bars. The company’s principal shareholder is Mr. Enrique K. Razon Jr., one of the Philippines’ leading industrialists and most prominent businessmen.
The company’s flagship property, Solaire Resort Entertainment City (Solaire), is an integrated resort in Manila, Philippines worth USD1.2 billion, it is also the first to open in PAGCOR’s Entertainment City.
Bloomberry’s mission is to deliver exceptional experiences in a harmonious environment where everyone feels at home. Solaire’s success has resulted in valuable investments and career opportunities, establishing the Philippines as a premier tourist destination. The company’s vision is for Solaire to become the most globally preferred Filipino-owned luxury brand in the integrated resort industry.
Bloomberry’s core values revolve around developing focused, honest, respectful, and committed staff that values teamwork as the primary means to achieve shared goals.
Innovative Corporate Culture & Growth InitiativesAs the company’s goal is to deliver first-class services and experiences to guests, the development of an enthusiastic workforce is necessary. To achieve this, Bloomberry ensures workforce diversity by implementing a hiring process that is wholly based on skill set. Bloomberry is an equal-opportunity employer and does not discriminate against gender, religious faith, or physical disability. The company ensures fair compensation and benefits, while wage levels that are set above the statutory minimum wage, even for entry-level positions. Bloomberry ensures that no team member, regardless of position, is discriminated against in terms of compensation and benefits based on their gender. The ratio of basic salary and remuneration of women to men is 1.2:1.
Bloomberry also works to sharpen the skills and competencies of its team members as the quality of their work is essential to providing the consistently excellent service that Solaire is known for. The company is therefore committed to ensuring employee growth by extending professional development opportunities through internal and external training. On average, each team member gets around 26 hours of training per year.
The company’s corporate culture encourages team members to interact openly and constructively with one another. All team members are free to discuss suggestions or complaints with immediate supervisors who are also required to quickly resolve staff grievances and issues. In tandem with these practices, Solaire also hosts internal engagement and training-oriented TV shows for team members and annual employee awards to recognize outstanding team members.
Besides that, the company ensures its team member health and safety. Bloomberry has an Operational Health and Safety Policy that covers all team members regardless of their role. It contains directives on various health and safety topics including Covid-19 protocols, incident reporting, and training.
Bloomberry also contributes to society through the Bloomberry Cultural Foundation Inc. (BCFI) and the Solaire Cares program. The BCFI focuses on providing financial aid to various socio-civic causes while the Solaire Cares program generally reaches out to local communities by providing relief goods and hosting employee outreach programs.
Achievements & ImpactAs the global economy progresses past the Covid-19 pandemic, Bloomberry experienced a strong recovery in revenues and profits.
The company’s consolidated net revenue increased by 77% year-over-year to PHP39.0 billion, while its net income reversed from a loss of PHP4.3 billion in 2021 to a profit of PHP5.1 billion. By the end of 2022, revenue and profit were already 84% and 50% respectively of pre-pandemic 2019 levels.
This recovery was mainly powered by a robust domestic market as Filipino locals, South Koreans, and Chinese customers flocked back into Solaire’s casino, hotel rooms, restaurants, and retail areas. The recovery in revenues also brought an increase in gaming taxes paid to the regulator PAGCOR, which in turn pays out 50% of its earnings to the Philippine government to fund its various socio-civic projects. In 2022, the gaming taxes paid reached PHP10.5 billion, higher by 81% year-over-year.
To make an impact on society, Bloomberry aims to attain sustainable growth by focusing on five key pillars that are greatly intertwined: Creating Value for Society, Valuing Customers, Enthusiastic Workforce, Protecting the Environment, and Good Governance. Bloomberry has a number of initiatives and programs under each pillar.
Future DirectionBloomberry continues to look to the future with plans for at least two more integrated resorts in the Philippines. In its sights are Solaire Resort North in the heart of Quezon City CBD and a future development on 280 hectares of land in the Cavite province.
Solaire Resort North, set to open in the first quarter of 2023, will have a world-class casino, over 500 hotel rooms, 12 restaurants, spacious event areas, and a luxury retail arcade. The opening of Solaire Resort North will cement Bloomberry’s position as the most dominant integrated resort developer and operator in the Philippines.
Besides that, the land acquired in the Cavite province will be developed well after Solaire Resort North is completed and ramped-up. It is envisioned to feature a casino, hotel, golf course, commercial, residential, and mixed-use developments.