Bloomberry reports first earnings in eight quarters
Billionaire Enrique Razon Jr.’s casino business Bloomberry Resorts Corp. is seeing favorable odds in 2022 after earnings turned positive for the first time in eight quarters.
From January to March this year, Bloomberry—the operator of Solaire Resort & Casino along Manila Bay—reported a profit of P679.4 million, reversing losses of P780 million during the same period last year.
Total revenues were also 30 percent higher at P7.2 billion, driven by “much improved domestic patron confidence” amid higher vaccination rates and the lowering of pandemic restrictions in the first quarter.
Bloomberry’s earnings before interest, taxes, depreciation and amortization doubled to P2.9 billion during the period.
“Business and pandemic conditions permitting, we look to sustain the recovery for the rest of the year,” Razon, chair and CEO of Bloomberry, said in a statement.
“If travel constraints among Asian jurisdictions continue to ease, then we may see operations at Solaire ramp up further in the coming quarters. However, should COVID-19 cases surge anew, Bloomberry remains equipped to handle a return to tighter restrictions,” he added. Razon noted that gaming revenues were bolstered by the local mass gaming segment at Solaire.
Gross gaming revenues at its Entertainment City casino jumped 30 percent to P8.9 billion.
Revenues from mass gaming tables spiked 53 percent to P3.8 billion during the quarter. Its VIP revenues also increased 36 percent to P2.6 billion while electronic gaming machine earnings were up 1 percent to P2.4 billion.
Food, beverage, hotel and retail revenues at Solaire rose 6 percent to P927.8 million during the quarter.
Bloomberry also owns the Jeju Sun Hotel & Casino in South Korea, which reported no gaming revenues during the quarter as operations have been suspended since the height of COVID-19 pandemic in March 2020. Nongaming revenues in Korea hit P1.2 million, up 61 percent, during the first quarter of the year.
Bloomberry is currently building its second integrated gaming center in Quezon City and, last week, signed a term sheet to invest in Davao-based tycoon Dennis Uy’s casino projects in Cebu and Pampanga.