Bloomberry Q1 net income up 26%

Bloomberry Resorts Corp., which operates the Solaire Resorts and Jeju Sun Hotel & Casino, saw a 26% growth in its first-quarter net income, as the company reported a 14% increase in its gross gaming revenue (GGR) during the period.

In a regulatory filing, Bloomberry reported net income of P3.3 billion in the first three months of the year, up from P2.6 billion in the same quarter last year. Net income would have decreased by 83% to P445.8 million when adjusting for the net impact of the company's one-time non-cash gain of P2.9 billion.

GGR for the quarter rose by 14% to P16.8 billion, with the mass tables and electronic gaming machines (EGM) segments in Metro Manila properties up by 29%.

The company attributed the growth to Solaire Resort North, which generated GGR of P4.6 billion and non-gaming revenue of P913.7 million. Solaire Resort Entertainment City had a GGR of P12.1 billion, while Jeju Sun Resort & Casino posted P3.7 million.

“We are fully committed to pushing the performance of both our resort businesses and Solaire Online even as we are focused on ramping up our new online product, which will be launching in the coming weeks,” Bloomberry chairman and chief executive officer Enrique Razon Jr. said. — VBL, GMA Integrated News