Bloomberry posts net income hike

MANILA, Philippines - Bloomberry Resorts Corp., owner of Solaire Resort & Casino, continued its upward trajectory with net earnings growing seven fold in the third quarter on higher gaming revenues.

In a financial report submitted to the Philippine Stock Exchange, Bloombery said it posted a net income of P165 million in July to September, a big turnaround from the P108.6 million loss incurred in the same period last year and a significant jump from the P22.7 million recorded in the second quarter.

This is the second consecutive quarter that Bloomberry booked positive earnings since it opened its casino complex in March. Solaire is the first of four integrated resorts to open at Pagcor’s Las Vegas -themed like casino and entertainment hub Entertainment City along Manila Bay.

Bloomberry chairman Enrique K. Razon said:  “The continued sustainability of Solaire’s operations is evident in Bloombery’s third quarter performance.  We see this continuing going in the fourth quarter and well into next year.”

Solaire registered net revenues of P4.12 billion for the quarter, up 14 percent from the P3.16 billion generated last quarter.

Gross gaming revenues amounted to P4.87 billion, 25 percent higher than the P3.89 billion recorded in the second quarter.

“Growth across all gaming segments continued to be sustained in the third quarter.  The junket operators signed up in the previous quarter continued to bring in more players to Solaire.  Solaire is continuously receiving interest from more junket operators and have signed up a number of them this quarter,” Bloomberrry said.

Non-gaming revenues (coming from the hotel, food and beverage, retail and others) also saw a spike, hitting P221.1 million with interest income contributing P10.2 million to revenues.

Excluding promotional expenses of P985.4 million, gaming revenues accounted for 94 percent of total revenues while non-gaming revenues and interest income accounted for five percent and one percent, respectively.

Bloomberry said it has also managed to contain expenses, growing by only 12 percent quarter on quarter, which is slower than the 14 percent hike in net revenues. Total expenses reached P4.086 billion.

The company’s EBITDA likewise continued to improve, generating P803.7 million, an increase of 26 percent from the previous quarter’s P637.8 million.