Bloomberry Resorts in the black on gaming revenues from net loss

Robust gaming revenues helped Bloomberry Resorts Corp., the operator of Solaire Resort & Casino, achieve a turnaround in bottom line for the first half of 2014.

 

Net income reached P2.307 billion in January t o June, a reversal from P1.033 billion in net loss a year earlier, the company said in a statement disclosed to the Philippine Stock Exchange Monday.

 

Gross revenues grew by more than three folds to P14.158 billion from P4.473 billion in the same comparable period.

 

Gaming revenues accounted for 95.5 percent of total revenues, while hotel, food and beverage, and retail contributed 4.2 percent.

 

Expenses in the first semester increased by 55 percent year-on-year to P8.481 billion.

 

"Strategic management decisions and focus on goals have borne better-than-expected results for Bloomberry Resorts," chairman and CEO Enrique Razon Jr. said in the statement.

 

"We expect this momentum to continue from hereon, as we expand our focus towards upcoming opening of Phase 1A," he added.

 

Last June, Razon said the company is investing nearly P51 billion to complete Phase 1 and Phase 1-A of Solaire Resorts & Casino by November.

 

Phase 1-A includes a 312-room, all-suite hotel tower, 10,000 square meters of high-end retail space, a 1,760-seat lyrical theater and more restaurants.

 

It will also add 65 VIP gaming tables and 223 electronic gaming machines.

 

Underway is Phase 2 for the casino expansion, which will be bigger than Phase 1 and Phase 1-A combined. – Danessa O. Rivera/VS, GMA News