Bloomberry regains profitability as high rollers return | Inquirer Business
Reopening of borders

Bloomberry regains profitability as high rollers return

/ 02:02 AM November 09, 2022

Gov’t consent to Razon’s Malampaya buy-in conditional

Enrique Razon, businessman and owner of casino operator Bloomberry Resorts, listens to a question during a stockholders meeting’ in Manila June 24, 2013. REUTERS/Romeo Ranoco (file)

The operator of integrated gaming resort Solaire Resort & Casino swung to profitability in the January to September period as its consolidated gaming revenues surged by 80 percent, supported by its high-roller or VIP segment.

Razon-led Bloomberry Resorts Corp., in a disclosure on Tuesday, said it had delivered an attributable net income of P3.88 billion for the nine-month period, a turnaround from a net loss of P3.11 billion a year ago.

Article continues after this advertisement

For the third quarter alone, it delivered a net income of P1.56 billion, a reversal from its P1.04-billion net loss in the same period last year.

FEATURED STORIES

Total gaming revenues from January to September were up 80 percent to P35.4 billion from the same period last year.

Earnings before income, tax, depreciation and amortization for the period climbed by 125 percent to P8.3 billion.

Article continues after this advertisement

“Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95 percent of January to September 2019 values, demonstrating the resilience of local discretionary consumption. Our VIP segment experienced progressive recovery as it benefited from gradually improving international traffic,” Bloomberry chair Enrique Razon Jr. said.

Article continues after this advertisement

VIP segment gross gaming revenues surged by 131 percent to P11.8 billion for the period, while those of the mass table and electronic gambling machine segments were up 53 percent and 75 percent to P12.3 billion and P11.3 billion, respectively. The food and beverage and retail businesses, meanwhile, nearly doubled to P4.5 billion in the nine-month period given the increased operational capacity of the hotel segment.

“While we remain focused on the recovery of Solaire in Entertainment City, work continues unimpeded on our second integrated resort, Solaire Resort North. We topped off the structure last July and we remain on schedule to open by the fourth quarter of next year,” Razon said. Solaire Resort North is seen to expand and strengthen Bloomberry’s foothold in the domestic gaming market.

—Tyrone Jasper C. Piad INQ
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Bloomberry, Gaming, profitability

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.