Bloomberry posts PHP1.5-B loss in Jan-Sept

MANILA, Nov. 3 (PNA) — Bloomberry Resorts Corporation, owner and operator of Solaire Resort and Casino and Jeju Sun Hotel & Casino, booked a net loss of PHP1.51 billion in first nine months on increased expenses resulting from its expansion of Manila operations and investments in Korea.

The January to September net loss reversed the PHP3.30 billion net profit the company incurred during the same period last year.

Its consolidated operating revenues soared by 14.5 percent to PHP19.36 billion in first nine months from PHP16.91 billion last year.

“Our investments in the Sky Tower are beginning to show returns. Given the improvement in Philippine operations and the opening of a new revenue stream, we are hopeful that returns will continue to gain higher ground,” said Bloomberry chairman and chief executive officer Enrique K. Razon Jr.

Its gross gaming revenues and non-gaming revenues during the nine-month period reached PHP24.55 billion and PHP1.38 billion, respectively.

On a year-on-year basis, these grew by 14 percent and 53 percent, respectively, with strong growth across all gaming segments and additional incremental growth in non-gaming revenues with the opening of Sky Tower in November 2014 and the consolidation of Korean operations beginning in second quarter of 2015.

Aside from an all-suite five star hotel, Sky Tower features other amenities such as The Theatre, a Broadway-style theater, a luxury cigar and whisky bar, an international karaoke bar as well as additional gaming facilities.

Gaming continued to be the biggest generator of consolidated gross revenues in the first nine months of the year, accounting for 94.6 percent of the total.

This was followed by hotel, food and beverage as well as retail and others at 5.1 percent. The balance of 0.3 percent was taken up by interest income.

In the third quarter, Philippine operations reported PHP281 million in net profit while Korea generated PHP471 million in net losses.

Profitable Philippine operations reduced the consolidated third quarter net loss to PHP189 million, significantly narrower than the PHP787 million loss reported in the previous quarter. (PNA)