Bloomberry H1 net income down 52%

Bloomberry Resorts Corp., the operator of Solaire Resorts, on Wednesday reported a 52% decline in its net income for the first half of the year, dragged by the continued weakness of its operations in Entertainment City.

The company reported a consolidated net income of P1.9 billion in the first half, down from P4.0 billion in the same period last year. Consolidated gross gaming revenue (GGR) grew by 6% to P31.1 billion, impacted by continued weakness in the VIP and premium mass segments.

For the second quarter alone, Bloomberry reported a P1.4-billion consolidated net loss, reversing the P1.3-billion net income for the same period last year. GGR for the quarter fell 1% to P14.3 billion.

“It was a challenging second quarter for Bloomberry as softness persisted in Solaire Entertainment City’s VIP and premium mass segments,” Bloomberry chairman and chief executive officer Enrique Razon said in an emailed statement.

“However, Solaire North saw further growth as mass gaming volumes and non-gaming revenue increased over the previous quarter. The gains in our second property contributed to the performance of our Metro Manila mass gaming and non-gaming revenue which rose 18% and 37% year-over-year, respectively,” he added.

Broken down, Solaire Resort Entertainment City posted a 27% decline in its GGR to P9.8 billion in the second quarter. Solaire North grew its GGR to P4.5 billion from P1.1 billion, while Jeju Sun Resort & Casino saw its GGR decline to P33.2 million from P35.7 million.

Shares in Bloomberry were last trading at P3.29 apiece, down by P0.310 or 8.61% from last Tuesday’s finish of P3.60 per share. —VAL, GMA Integrated News