Bloomberry income down 58% on Solaire North costs

Bloomberry Resorts Corp.

Costs related to the opening of its newest project and less patrons frequenting casinos gutted the nine-month net income of listed Bloomberry Resorts Corp. by 57.83 percent to P3.5 billion.

In a stock exchange filing on Wednesday, Bloomberry said its revenues reached P38.5 billion, up by 6 percent versus the same period last year.

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The decline stemmed from Bloomberry’s P470-million net loss in the third quarter alone from a net income of P1.9 billion due to higher depreciation and interest expenses at Solaire Resort North in Quezon City, its newest casino that was opened in May.

Bloomberry chair and CEO Enrique Razon Jr. likewise noted that gaming volumes declined in Entertainment City, the site of the company’s first Solaire Resort and Casino, reflecting a challenging business environment.

Still, Razon said fresh contributions from Solaire North “more than offset this weakness,” resulting in gross gaming revenues (GGR) inching up by 22 percent to P16.3 billion in the July to September period.

Bloomberry’s nine-month GGR ended at P45.5 billion, up by 2 percent.