The Philippines will become home to a brand-new, fully integrated casino resort which is planned by the boss of the Bloomberry Resorts Corporation firm. The Bloomberry Resorts Corporation firm is a holding company headquartered in the Philippines since 1999 when the company was founded. The firm is engaged across different industries in the country including hotel and tourist facilities, as well as gaming and amusement facilities.

Since its establishment, Bloomberry Resorts Corporation was led by Enrique Razon. Formerly known as Active Alliance Incorporated, Bloomberry Resorts Corporation appeared on the Philippine Stock Exchange back in 2000. Today, the company operates its iconic Solaire Resort and Casino as well as its flagship Jeju Sun Hotel and Casino located in Jeju Island.

When it comes to its latest business plans revolving around its Quezon City casino resort, the company has already secured loads for the first stage of the project. The venue was set to open in 2022, but the opening date is postponed due to the ongoing coronavirus pandemic.

Solaire North Facility in Quezon City

The Bloomberry Resorts Corporation firm released its plans to open a fully integrated Quezon City casino resort a long time ago. According to several reports by local news outlets including GGRAsia, the first man of the company Enrique Razon who serves as Bloomberry Resorts Corporation’s CEO and Chairman used one of the latest shareholders meetings to reveal that the firm’s Solaire North venue in Quezon city will not start welcoming its first guests until early months of 2023.

The initial plan was to open in 2020, but the opening date was postponed due to the ongoing coronavirus pandemic. As previously mentioned, Bloomberry Resorts Corporation already owns and manages the iconic Solaire Resort and Casino located in the metropolitan area of Manilla. While the venue’s Quezon City counterpart was planned to open by the start of 2022, the construction of the venue has been seriously delayed.

According to several news outlets, Enrique Razon told to all company’s investors that work on the venue within Quezon City’s Ayala Malls Vertis North under-construction facility had been delayed primarily due to coronavirus pandemic-related quarantine protocols, counter-measures and others which were set in motion by the country’s government to prevent the outbreak of highly contagious coronavirus strain.

Solaire Resorts and Casino in Manilla Shuttered for Over Three Months

The company’s flagship Solaire Resort and Casino facility in Manilla has been temporarily shut down since the 15^th of March as part of measures and protocols set by the government to curb the potential spread of a contagious coronavirus strain which so far has claimed the lives of over 1,170 locals. The closure of the Solaire Resort and Casino facility is set to remain in place at least until the end of this month.

Commenting on this, Bloomberry Resorts Corporation’s Chief Executive Officer and Chairman Enrique Razon said that his company had taken all necessary measures as well as invested heavily to make sure that Solaire Resort and Casino remains as safe as possible once it finally starts welcoming guests after three months of being closed.

He also added that Solaire Resort and Casino once re-opened will probably feature fewer gaming tables and slot machines so that customers can practice social distancing and other safety protocols. Either way, the coronavirus-induced closure of Solaire Resort and Casino is the main reason behind a massive 37.7% drop in the company’s net income for the first quarter of 2020. Consequently, the company’s associated gross gaming revenues have also tumbled by 12.4% to hit just around $186.7 million.

 As reported several days ago by GGRAsia, one of the biggest Asian casino and hotel operators, the Bloomberry Resorts Corporation firm was ordered to pay a massive, $296 million-worth fine to one subsidiary of the United States-based Global Gaming Asset Management company. Bloomberry Resorts Corporation owns and operates the Manila-based Solaire Resort and Casino property.

Back in 2011, the company partnered with the Global Gaming Philippines corporation which was mainly responsible for providing the company’s eight hundred-rooms casino and hotel facility with different management services such as recruitment, construction, and design. The Las Vegas-based Global Gaming Asset Management company is led by an extremely powerful team of experts in the industry including William Weidner who is a former President and CEO of Las Vegas Sands Corporation.

For his work at the Global Gaming Asset Management LLC company, Mr. Weidner would pocket around $175k per month for supplying his expert advice to the company in question here, Bloomberry Resorts Corporation. His work would also include supplying expert advice on the company’s Sureste Properties Incorporated and Bloomberry Resorts and Hotels Incorporated subordinates.

Abrupt Cancellation of Business Agreements

As it was reported by several news outlets out there, the Manila-based casino and hotel operator abruptly canceled this business agreement shortly after launching its latest business venture, Solaire Resort, and Casino back in March of 2013. In its official press release regarding this issue, the Bloomberry Resorts Corporation’s officials said that the reason for canceling this agreement lies within material breach and failure of discussions with Global Gaming Philippines.

This move naturally led the consultant company’s subsidiary to start working on a lawsuit in which the company alleged that the Manilla-based Bloomberry Resorts Limited was not justified when it comes to such abruptly terminating the business alliance. The lawsuit against the Asian operator also detailed that the casino operator should pay a range of costs and fines including fees and expanse on pre-termination of the deal alongside other damages.

Bloomberry Resorts Corporation Liable for More Than $85 Million in Damages

As revealed recently, the tribunal consisting of three members ruled that the sued company, Bloomberry Resorts Corporation is, in fact, liable for around $85 million in a range of damages, in addition, to be liable around $15 million in additional expenses and fees. As if this was not damaging enough, the Singapore-based tribunal decreed that the company sued here is also on the hook for around 921 million shares which are worth around $195 million that the Global Gaming Philippines LLC firm has in its Asian business.

Following the news on such massive judgment fine, the Bloomberry Resorts Corporation’s officials shared an official press release in which it is stated that in the case in which Bloomberry Resorts Corporation does not pay for the fine related to the shares, the Global Gaming Philippiness LLC firm can freely sell the shares on its own on the market. The same official press release also says that the Bloomberry Resorts Corporation’s officials are directed to take all the necessary steps required to facilitate the shares sale.

It was also revealed that Bloomberry Resorts Corporation plans on being liable for the potential difference when it comes to the selling price in the case of the price is less when compared to the expected shares’ price. Nonetheless, commenting on the news, the company’s officials also said that the tribunal’s decision was flawed in many aspects, but they will wait for a court to confirm the ruling. Lastly, the company’s officials believe that the ruling was enforced by the jurisdiction of the Philippines.