Bloomberry Resorts Corporation, operator of the Solaire Resort in the Philippines and Jeju Sun Hotel and Casino in South Korea, has announced the immediate retirement of Thomas Arasi as President, Chief Operating Officer (COO), and member of the Board.
According to the company’s disclosure to the Philippine Stock Exchange, the 63-year-old executive, who joined the company in 2013, has stepped down for personal reasons. His departure also includes relinquishing all roles in Bloomberry Resorts and Hotels Inc. and its subsidiaries. No successor has been named yet.
Arasi’s tenure at Bloomberry was marked by major achievements, including the launch of Solaire Resort North in Quezon City earlier this year. His leadership contributed to the company’s growth trajectory in the gaming and hospitality sectors. Before joining Bloomberry, Arasi was the President and CEO of Marina Bay Sands in Singapore, where he led one of the region’s most iconic resorts. His career also includes senior roles at Lodgian Inc. and InterContinental Hotels Group Plc.
Arasi’s retirement comes amid financial challenges for Bloomberry. The company reported a 58 percent decline in net income during the first nine months of 2024, dropping to PHP3.5 billion (€56.45 million) from PHP8.3 billion (€133.8 million) in the same period last year. This decline includes a net loss of PHP470.2 million (€7.5 million) in the third quarter, attributed to higher depreciation, amortisation, and interest expenses associated with the launch of Solaire Resort North.
Despite the losses, Bloomberry recorded a 22 percent year-on-year increase in total Philippine gaming revenues for the third quarter, primarily driven by strong performance in the mass market segment at Solaire North. The property generated a gross gaming revenue (GGR) of PHP3.7 billion (€59.6 million) in its first full quarter of operations.
While Solaire North’s domestic-driven growth bolstered Bloomberry’s overall performance, its flagship Solaire Resort Entertainment City faced declining gaming volumes in the third quarter, resulting in a 5 percent drop in GGR to PHP12.6 billion (€203 million). Non-gaming revenues at the Manila-based property also fell by 11 percent, reflecting challenges in the broader entertainment market.
Meanwhile, Solaire Korea’s Jeju Sun property reported a GGR loss of PHP8 million (€129,041), contrasting with positive results in the same quarter last year. However, non-gaming revenues at Jeju Sun rose by 21 percent, offering a glimmer of hope for the Korean property.
Despite recording mixed results, Bloomberry remains optimistic about Solaire North’s continued ramp-up, anticipating that its contributions will offset challenges in other areas. The mass market segment, including table games and electronic gaming machines, has shown resilience, with year-on-year growth of 15 percent for the first nine months of 2024.
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