Bloomberry profit falls ahead of QC casino debut
P3-B income in Q1

Bloomberry profit falls ahead of QC casino debut

/ 03:06 AM May 15, 2024

Bloomberry Resorts Corp.

Bloomberry Resorts Corp.

MANILA, Philippines — Lower gains from wealthy patrons weighed down the earnings of tycoon Enrique Razon Jr.-led Bloomberry Resorts Corp. in the first three months of the year.

In a stock exchange filing on Tuesday, the operator of Solaire Resorts and Casino said its net income during the quarter had dipped by 11 percent to P3 billion.

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Total revenues declined by 3 percent to P12.5 billion.

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Gross gaming revenues likewise slipped by 8.1 percent to P14.75 billion on lower returns from VIP and mass tables.

Chair and CEO Razon noted, however, that Bloomberry’s earnings would have declined by only 3 percent if not for the P279-million preopening expenses of Solaire Resort North in Quezon City.

Revenues from VIP tables saw a steep 33.3-percent drop to P106.94 billion. Mass table revenues also declined by 6.3 percent to P11.13 billion.

READ: Bloomberry nears prepandemic earnings with 2023 profit at P9.5B

Despite this, strong domestic demand lifted Bloomberry’s slot machine revenue by 24 percent to P98 billion.

“This strong local demand heightens our anticipation for our second property (Solaire Resort North), which will open on May 25,” Razon said in a statement. “By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share.”

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Korean unit recovering

Revenues of Jeju Sun Hotel and Casino in South Korea ballooned by 1,200 percent to P15.6 million quarter-on-quarter, signaling a strong recovery after a temporary closure due to the pandemic.

Nongaming revenue at Solaire inched up by 2 percent to P2.1 billion during the quarter.

READ: BIZ BUZZ: Razon’s Jeju casino up for sale (again)

Last month, subsidiary Sureste Properties Inc. bought 921.2 million of Bloomberry’s shares previously held by Global Gaming Philippines LLC (GGAM) in a P16.8-billion settlement deal.

Las Vegas-based GGAM had been ousted from the management of Solaire in 2013, which it later contested at the Singaporean Arbitral Tribunal.

The P16.8-billion settlement is almost the same amount that Bloomberry would have paid to GGAM as a monetary award, as ordered by the arbitration court.

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“The balance sheet impact of this transaction will be reflected in the second quarter and full-year results disclosure,” Bloomberry said. —Meg J. Adonis INQ

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