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Monday, April 28, 2014

Bloomberry Resorts posts P1.46B in Q1 net income from year-earlier loss

Bloomberry Resorts Corp. posted a net income of P1.46 billion in the first quarter of the year, a 180-degree turn from a net loss of P1.05 billion a year earlier.

Gross revenues reached P7.38 billion, or more than 11 times over the P661 million in the same comparable period, the owner and operator of Solaire Resort & Casino said in a disclosure to the the Philippine Stock Exchange.

Bloomberry shares rose 3.87 percent to P11.80 a piece on Monday.

Solaire is the first integrated casino resort to open in PAGCOR Entertainment City in ParaƱaque City.

“It is significant that we were able to turn a profit after only a year of operation,” Bloomberry chairman and chief executive Enrique K. Razon Jr. told the exchange.

“This is proof positive that the group, without a third-party management company, has the ability and the acumen to manage an integrated resort,” Razon said.

“During the year, we labored on building our core business while working on the expansion that would make Solaire a truly integrated resort. By the fourth quarter of this year, we shall see the fruition
with the opening of Phase 1-A,” he added.

Revenues from gaming accounted for 95.7 percent of total revenues. The hotel, food and beverage operations contributed 3.9 percent to the total, while retail and others and interest income accounted for 0.4 percent.

Gross gaming revenues grew by 12 folds to P7.06 billion, and non-gaming revenues expanded by five folds to P286 million.
Total expenses for the quarter were up 2.5 times to P4.53 billion from P1.82 billion, and operating expenses were up 157 percent to P4.51 billion.

- GMA News

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