Philippine Daily Inquirer
10:55 am | Wednesday, July 31st, 2013
Enrique Razon Jr. FILE PHOTO
MANILA, Philippines-Razon-led Bloomberry Resorts Corp., the first gaming firm to open its hub at Pagcor Entertainment City, turned profitable in the second quarter as gaming revenues gained ground.
Bloomberry, developer and operator of Solaire Resort & Casino, generated a net profit of P22.7 million during the quarter, a reversal of the P126.9 million net loss in the same time period last year.
In a disclosure to the Philippine Stock Exchange on Wednesday, Bloomberry said Solaire had generated P3.6 billion in total net revenue for the second quarter. Gross gaming revenues amounted to P3.89 billion while non-gaming revenues coming from the hotel, food and beverage, retail and others contributed P267 million. Interest income contributed P14.9 million to revenues.
Stripping out promotional allowances of P576.4 million, gaming revenues accounted for 92 percent of total revenues while non-gaming revenues and interest income accounted for 7.4 percent and 0.4 percent, respectively, of the total.
Bloomberry chair and president Enrique Razon Jr. said: “It is gratifying to know that Solaire has begun to generate profit after only a few months. 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.”
On an earnings per share basis, the company was able to generate P0.001 in earnings during the quarter versus a P0.009 loss per share in the same quarter last year.
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Tags: Bloomberry Resorts Corp. , Business , Gaming , profitability , solaire resort & casino
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