Bloomberry turns around, nets P3.3B in Jan-Sept

MANILA, Philippines - Bloomberry Resorts Corp., the owner and operator of the $1.2-billion Solaire Resort and Casino, returned to profitability in the first nine months of the year on the back of stronger revenues.

Bloomberry said it recorded P3.299 billion in profits in the first three quarters of the year, turning around from a net loss of P868 million in the same period last year.

The company also said its gross revenues surged 127 percent in the nine-month period to P22.439 billion from P9.887 billion generated a year ago.

For the third quarter period alone, the company’s earnings grew more than six-fold to P992 million from P165 million the previous year while gross revenues also improved 58 percent to P7.673 billion    .

Aside from substantially growing revenues, Bloomberry said significant cost-containment measures have also driven the growth in profitability.

“We are extremely pleased with    the better-than-expected results as it speaks well of the tremendous efforts we have put in to turn around our operations    without cutting down on our quality of service and amenities,” said Bloomberry chairman and chief executive officer Enrique K. Razon Jr.

“We will    most likely use the same formula for our    Phase 1A extension, which will not only double the size of our property but will expand our menu of amenities,” he added.

Gross gaming revenues and non-gaming revenues for the first nine months of the    year hit P21.526 billion and P784 million, respectively.  

In the third quarter, gross gaming revenues and non-gaming revenues rose 58 percent and 14 percent, respectively.

Bloomberry said gaming continued to be its biggest revenue generator, accounting for 95.9 percent of total, followed by hotel, food and beverage    as well as retail    at 3.8 percent.

With the opening of Phase 1A by the end of November, Bloomberry said Solaire    will become a true integrated resort through the addition of more non-gaming amenities.