Bloomberry posts healthy net income in Q2 of 2013

TAGs: Bloomberry Resorts, Business, Casino News, gambling, Solaire Manila

bloomberry-resorts-philippinesBolstered by strong returns from it casino and non-gaming revenues, Bloomberry Resorts has posted an impressive Php22.7 million in net income in the second quarter of 2013, a positive sign that’s far removed from its performance in the same period a year ago when it reported net losses of Php126 million.

For the time period, Bloomberry Resorts reported generating Php3.89 billion in gross gaming revenue, an amount that represents 92 percent of the company’s total revenues. Non-gaming revenues coming from hotel, retails, and food and beverage reached Php267 million, or 7.4 percent of total revenues with interest income contributing 14.9 million, or 0.4 percent in total revenue. Taking the company’s total expenses of Php3.65 billion for the period into the equation, Bloomberry arrived at its net income figure for the second quarter of the year.

Overall, it was a positive turnaround for a company that reported Php126 million in net losses in the same time last year in large part caused by construction and development expenses for Solaire Manila. But now that the integrated resort and casino, one of four in Pagcor’s Entertainment City and the first and only one that’s currently open, has gathered momentum in the past couple of months with numerous programs, events, promotions, and a solid junket operators program, the results have already seen a positive turnaround only months after Solaire made its grand opening earlier this year.

“It is gratifying to know that Solaire has begun to generate profit after only a few months,” Bloomberry chairman and president Enrique Razon Jr. said. “I am confident that this trend will continue. At the same time, there is no let-up in our ramp-up programs, many of which are already on stream.”

The increased attention paid to gaming operations has a lot to do with Bloomberry increasing its EBITDA margins from negative 32.1 percent to 18.6 percent and an even more robust 32.7 percent in June. With all these improvements in revenues in margins in the second quarter of 2013, Bloomberry is now in much better position than it was at the same time last year when it was expediting the construction time of Solaire Manila before it’s grand opening last March.


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