Bloomberry posts P4.07B profit

SOLAIRE Resort & Casino owned and operator Bloomberry Resorts Corp. chalked up a net profit of P4.07 billion last year, a turnaround from the P1.31 billion net loss in the previous year, on the back of a strong growth in gaming revenues.

Gross gaming revenues doubled to P30.39 billion while non-gaming revenues rose by 39 percent to P1.07 billion. Both segments marked record high levels for the company.

Deducting P7.54 billion in promotional allowances, discounts, rebates paid through gaming promoters, progressive jackpot liabilities, and points earned in customer loyalty programs from the P30.387 billion in gross gaming revenues, net gaming revenues amounted to P22.85 billion, up by 99 percent from the previous year.

Out of the company’s total revenues of P24.12 billion, gaming contributed 95 percent while hotel, food and beverage accounted for 4 percent. The balance of 1 percent came from retail and others and interest income.

Meanwhile, expenses grew at a slower pace than revenues. Bloomberry’s total expenses for the year reached P17.64 billion, 31 percent higher than the previous year.

Bloomberry chair and chief executive officer Enrique Razon Jr. said: “We are elated by the 2014 yearend results. Our initiatives to grow our market, to increase revenues and to curb operational excesses have enabled us to make a remarkable turnaround in just two years. Now, we will focus on even surpassing that.”