ICTSI ready to seize opportunities

MANILA, Philippines — Ports and casino tycoon Enrique Razon, known for thriving in crises and in doing business even in war-torn countries, said he would continue to seize opportunities to expand his business empire despite the difficult environment brought about by the coronavirus disease 2019 or COVID-19 pandemic.

International Container Terminal Services Inc. (ICTSI), for instance, is “still keenly on the lookout for opportunities despite the great uncertainties,” Razon said during ICTSI’s first virtual annual shareholders meeting yesterday.

All ICTSI ports across the globe are still operating 24/7, but volumes are down, said Razon, chairman of the company.

Bloomberry Resorts Corp., his listed casino operator, will likewise be opportunities moving forward and is on track with its planned expansion in Quezon City.

“Even during this crisis, we are still on the lookout for opportunities whose potential and valuation makes sense in this environment,” Razon said.

He, however, assured stakeholders that  Bloomberry would exercise prudence and restraint in managing its balance sheet and finances given the uncertainty.

“And when this crisis has been overcome, we look forward to being an even stronger company,” Razon said during the separate shareholders meeting of Bloomberry.

“We are continuing with the construction of Solaire North in Quezon City which, given the delay due to the lockdown, should be completed by the end of 2022 or early 2023. Construction has partially restarted and the period of lockdown can be reasonably added to the completion date,” Razon said.

He said the timing of Solaire North could well coincide with a full economic recovery for the country.

Solaire in Paranaque just opened to very limited capacity a few days ago on June 15.

“Our number one priority now is to ensure the safety and well-being of our guests and employees. We have invested heavily and have gone to extreme lengths to make Solaire and our guests as sanitized and safe as possible. We have taken every precaution and beyond with meticulous attention to the most minute detail to achieve this,” Razon said.