The early bird gets the worm, or in the case of Bloomberry Resorts Corp., the gross gaming revenues.
Taking full advantage of being the first of four casinos to open at Pagcor’s Entertainment City, Bloomberry’s Solaire Resort & Casino has posted another strong quarter, reporting a net income of Php165 million from July to September. That number was a huge improvement from the Php22.7 million it earned in the second quarter and a huge about-face from the Php108.6 million in net losses the company faced in the same time last year.
All in all, Solaire reported net revenues of Php4.12 billion for the quarter, a 14-percent improvement from the Php3.16 billion it generated last quarter, validating Bloomberry’s gamble that being the first casino to open at Entertainment City will have its distinct advantages.
Likewise, gross gaming revenue was set at Php4.87 billion, up from the Php3.89 billion it earned in the second quarter. Even the non-gaming revenues saw a noticeable spike in earnings, taking home Php223.1 million in the last quarter with interest income tacking in another Php10.2 million to the total revenue pie.
Even with the positive financial results from the third quarter, Bloomberry isn’t sitting on its laurels; it’s actually looking at bigger gains moving forward now that it’s gotten its feet wet in the business. “The continued sustainability of Solaire’s operations is evident in Bloomberry’s third quarter performance,” Bloomberry chairman Enrique K. Razon told reporters.
“We see this continuing going into the fourth quarter and well into next year.”
Moving forward, the company is determined to ramp up its efforts to further improve its business numbers. The last quarter saw Solaire increase its exposure to junket operators, which helped drive the number of gamblers to the gaming floor. The company also credits the new management that took over from Global Gaming Asset Management, which was unexpectedly dropped a few months ago, for the improvement in casino operations and, more importantly, its business dealings with junket operators
“[Bloomberry] has been able to identify and address problems in systems and operation from its previous management service provider, and the improvements introduced have generated positive results with total expenses growing 12 percent quarter-on-quarter, slower than the 14 percent growth in net revenues,” the company said.
After that tumultuous event that saw Bloomberry cut ties with GGAM, the former looks to be moving forward with an eye towards becoming one of the Philippines’ biggest casino names. For what it’s worth, it’s third quarter results is pointing the company in that direction.
