Enrique Razon Not Worried by Rival Casinos
The owner of the Solaire casino in Entertainment City in Parañaque has said that he is looking forward to the opening of a rival billion-dollar casino in the complex this year.Enrique K. Razon said, “The competitor that will come in will increase the size of the market.” The Melco Crown Resort Corp. is set to open the City of Dreams Manila before the end of the year.
Razon said that foot traffic in his casino, which is only a year old, has already reached 16,000 a day during weekends.
He said, “We expect to make a profit this year. The loss last year was all pre-operating prior to opening charges. It will be a profit [rather than breaking even].”
Furthermore, he expects the Solaire to perform better in the future. Not only is there now a large marketing organization, but the company is set to complete a 100-room hotel, a theater and retail outlets by November of this year.
In a recent disclosure the company said that, “Without P1.04 billion in pre-operating expenses, the company’s net loss would narrow down by 80 percent to P267 million.”
However, until the new casino is open, it is hard to predict how its presence will affect the Solaire’s operations.