The proposal aims to increase the annual total to USD 500,000. Additionally, the racetrack was urged to pay its debt and it is proposed to establish severe fines should this occur again.
Puerto Rico.- Representative José Aponte Hernández announced that he will introduce a bill in the next legislative assembly to amend Law 74 of April 6, 2006, to increase the contribution made by the Camarero Racetrack to the Puerto Rico Compulsive Gamblers Assistance Program (PAJC). According to this project, the contribution would double from USD 250,000 to USD 500,000.
Aponte Hernández said that the sports betting industry generated USD 186m in 2023 and that this was added to the operator's earnings, in this case, the Camarero Racetrack. He also noted that the “Puerto Rico Compulsive Gamblers Assistance Program Law” was created 18 years ago and needs to be reviewed.
“According to multiple studies, there are about 55,000 citizens in Puerto Rico with a gambling addiction. To combat this terrible social evil that causes so much suffering to families, Law 74 of 2006 was implemented and it stipulated that the company managing the pool betting on horse races must disburse USD 250,000 annually to the PAJC. Remember, at that time there were no sports betting. Now there is, and the racetrack has a license for these betting terminals at horse betting agencies, as well as its own facilities,” the representative commented.
In the same way, Aponte Hernández once again asked the management of the Camarero Racetrack Race Track to pay the debt it owes to the PAJC, which amounts to USD 2.5 m.
The representative explained that to ensure the racetrack complies, a progressive mechanism of fines should be available in case the stipulated payments are not made. “Another amendment will be presented which sanctions the Camarero Racetrack if it fails to make the annual payment to the PAJC. The first infraction would result in a fine of up to 20 percent of the amount due, the second violation involves a temporary suspension of the license for sports betting systems, and the third violation would lead to permanent cancellation,” he explained.
See also: The Camarero Racetrack of Puerto Rico under investigation for possible violations of the betting law
It’s the second refinancing exercise completed by Bloomberry in the last four months.
The Philippines.- Bloomberry Resorts has announced that it has signed a PHP40bn (US$688m) syndicated refinancing facility with a group of banks to refinance an existing PHP40bn term loan facility obtained in February 2019 towards the construction of Solaire Resort North. It’s the second refinancing exercise the company has completed in the last four months.
Bloomberry said the new agreement is similar to the PHP72bn (US$1.24bn) facility it obtained in October. The new loan term is 10 years, ending in February 2035. Borrowers will make larger payments in the last three years. The interest rate is 75 basis points lower than the previous loan, and borrowers can lock in this rate within the next 12 months. According to the company, the terms will reduce debt payments in the coming years and allow Bloomberry to benefit from anticipated interest rate cuts.
Enrique K. Razon Jr., Bloomberry chairman and CEO, said, “Our recent refinancing activities optimize our cash flow by reducing annual interest and principal payments. The timely refinancing of our PHP40bn facility demonstrates our proactive financial management stance and our commitment to provide a consistent return of capital to our shareholders.”
The group of lenders comprises BDO Unibank, Inc., Bank of Commerce, Bank of the Philippine Islands, China Banking Corporation, Metropolitan Bank and Trust Co., Philippine National Bank, and Union Bank of the Philippines. BDO Capital & Investment Corporation served as lead arranger and sole bookrunner while BDO Unibank – Trust and Investments Group is the security trustee, facility agent, and paying agent.
Analysts at Maybank Investment Bank have lowered their full-year 2025 consolidated net revenue forecast for Bloomberry Resorts by 16.9 percent to PHP50.1bn (US$857m). They said the adjustment was made due to a “challenged” business environment, especially at the Solaire Resort & Casino.
Analyst Raffy Mendoza also anticipated a net gaming revenue of PHP40.43bn this year, down 15.9 percent from his previous estimate. According to him, factors that could influence earnings in 2025 include the declining contribution of gross gaming revenue (GGR) from casinos in Entertainment City, which is driven by a decrease in fly-in VIP gamers and fewer local Chinese players at mass tables.
Solaire Resort North opened in Quezon City last May. The US$1bn development features 526 rooms and suites. The casino has 2,669 electronic gaming machines and 163 tables across four levels.
