Solaire gains P1.46 billion profit in Q1

Photo: Facebook Page of Solaire Resort

From the 1.056-billion-peso loss last year, Solaire Resorts and Casino, the Philippines’ biggest casino, had reported a net profit of 1.461 billion pesos ($32.78 million) from January to March.

This was announced by the Bloomberry Resorts Corp., operator of Solaire Resorts and Casino on Monday, April 28.

“It is significant that we were able to turn a profit after only a year of operation,” Bloomberry chairman and chief executive Enrique Razon said in a statement.

Razon underscored that Solaire gained early profits after firing the casino’s American managers last year.

“This is proof positive that the group, without a third-party management company, has the ability and the acumen to manage an integrated resort,” Razon said.

Solaire was just the first of four, billion-dollar casinos to rise on the government property, which is in line with the government’s goal to become Asia’s third major gambling hub alongside Macau and Singapore.

It opened last March 16, 2013.

The government is confident that the tourist arrivals will increase because of gaming resorts like Solaire.