MANILA, Philippines — Bloomberry Resorts Corp., owner and operator of the integrated gambling and resort complex Solaire, chalked up P3.3 billion in net profit in the first nine months of the year, a sharp turnaround from the P868-million net loss incurred in the same period last year.
For the third quarter alone, the gaming firm’s net profit grew by more than six-fold to P992 million on a double-digit rise in both gaming and non-gaming revenues, the company reported to the Philippine Stock Exchange on Wednesday.
Screengrab from www.bloomberry.ph
“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. 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 chairman and chief executive officer Enrique Razon Jr. said.
The Phase 1A expansion, which will open to the public by the end of November, will add more non-gaming amenities such as: the Sky Tower, a 312-key all-suite, five-star hotel; The Theatre, a 1,760-seat Broadway-style theater; a high-end retail area with a gross floor area of approximately 10,000 square meters; an expansive night club; a karaoke bar; a cigar and whisky bar; more meeting rooms, as well as additional gaming facilities such as 66 VIP (very important person) gaming tables and 223 slot machines.
Gross gaming revenues and non-gaming revenues for the first nine months hit P21.526 billion and P784 million, respectively. On a year-on-year basis, these grew by 132 percent and 53 percent, respectively, owing to substantial growth across all gaming segments and from the non-gaming business.
Gaming thus continued to account for a lion’s share of Bloomberry’s total gross revenues in the first nine months of the year, accounting for 95.9 percent of the total, followed by hotel, food and beverage as well as retail and others at 3.8 percent and with the balance of 0.3 percent taken up by interest income.
For the third quarter alone, gross gaming revenues and non-gaming revenues grew year-on-year by 58 percent to P7.673 billion and 14 percent to P232 million, respectively. The improvement was attributed to “continued enhancements in marketing initiatives to drive revenues as well as to continually bring down costs by increasing efficiencies in operations.”
RELATED STORIES
Bloomberry eyes more Chinese casino patrons
Bloomberry raises P11.4B for Solaire expansion
Bloomberry eyes another Solaire expansion, investment in Japan
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
seo tools
No comments:
Post a Comment