Bloomberry Resorts Corp. has posted a net profit of Php3.3 billion in the first nine months of the year. Gross revenue for the time period amounted to Php22.4 billion, a 127% increase over the same period last year. It’s a reversal from its year on year numbers when it posted a net loss of Php868 million.
The owner and operator of Solaire Resort and Casino also posted Php992 million net profit in the third quarter of 2014 on the strength of improved gaming and non-gaming revenues.
“We are extremely pleased with the better-than-expected results as it speaks well of the tremendous efforts we have put in to turn around our operations without cutting down on our quality of service and amenities,” Bloomberry Chairman and CEO Enrique Razon Jr. said in a filing to the Philippine Stock Exchange.
Bloomberry’s gross gaming revenue from January to September 2014 shot up to Php21.53 billion, a 132% year on year improvement. Non-gaming revenues also saw a significant increase of 53% to Php784 million. The company’s tally in gaming revenues of 95.9% continued to make up the lion’s share of Bloomberry’s total gross revenue in the first nine months of 2014. Non-gaming revenue, including hotel, food and beverage, and retail, contributed 3.8% with the remaining 0.3% attributed to interest income.
Taking out expenses, the company’s net gaming revenues reached Php16.41 billion from January to September 2014, a 113% increase from its number in the same period last year. In the third quarter of the current year, net revenue also saw a sharp 44% increase to Php5.58 billion.
As Bloomberry released its earnings report, the casino operator also announced that Solaire Resort and Casino’s Phase 1A expansion would be open to the public by the end of November, adding more non-gaming amenities for visitors. The most prominent of these additions is the all-suite Sky Tower hotel, which will be joined by additional gambling space, a Broadway-style theater, a high-end retail area, meeting rooms and more bars and night clubs.
“We will most likely use the same formula for our Phase 1A extension, which will not only double the size of our property but will expand our menu of amenities,” Bloomberry chair and chief executive Enrique Razon Jr. said.
