Despite third quarter losses, Bloomberry Resorts boss Enrique Razon remains positive as net loss narrows and gaming revenue grows.
Bloomberry Resorts Corp. has posted a net loss of PHP189.5 million for the third quarter of 2015, compared to a net profit of PHP 991.7 million over the same period a year ago.
EBITDA fell 1.2% to PHP 2.4 billion year-on-year but showed a 53% improvement from the second quarter. Operating expenses rose 58.1% to PHP5.9 billion.
Gross gaming revenue in the third quarter grew 21% year-on-year to PHP 9 billion, while non-gaming revenue increased 82% to PHP 502 million.
Gross gaming revenues in the first nine months grew 14% to PHP 24.55 billion and non-gaming revenues jumped 53% to P1.38 billion.
Razon noted that the result is a significant quarter-on-quarter improvement from Q2’s PHP787 million net loss, which Razon attributed to strong growth across all gaming segments and non-gaming revenue following the opening of Solaire Resort and Casino’s Sky Tower in November 2014.
The company’s recently acquired Jeju Sun Hotel & Casino in Korea also contributed to gaming and non-gaming revenue streams during its first 15 days of operations.
“Our investments in the Sky Tower are beginning to show returns. Given the improvement in Philippine operations and the opening of a new revenue stream, we are hopeful that returns will continue to gain higher ground,” said Razon.
Bloomberry continue to expand its footprint in Asia. Aside from Jeju Sun, the company is reportedly among the bidders for two new casino licenses in South Korea, eyeing a casino in Incheon Free Economic Zone, near the country’s main international airport. Bloomberry is also is seeking a gaming permit in Argentina, where it would spend about $500m to build a casino in Buenos Aires.