BLOOMBERRY Resorts Corp., the listed casino operator of ports magnate Enrique Razon Jr., expects its net income to turn for the better this year despite a disappointing result in the first quarter
“The topline was pretty good, but we had a lot of costs because of the Phase 1 development,” Razon said.
The company, whihc operates Solaire Resort & Casino, suffered a P533.054-million net loss in the first three months of the year from a P1.46-billion net income a year earlier.
By the end of 2015, Razon said Bloomberry will open The Shoppes, a 10,000 sqm. retail strip with nearly 40 stores of some of the world’s luxury retailers.
Bloomberry isn’t that concerned about war on casino operators declared by the government of Macau.
“We actually never had that much business from the Chinese because the last three to four years since we opened, those were already our conditions. It’s still a big segment of our business, but we have nothing to worry. There are a lot of Chinese before and they will draw back and return again, Razon said.
Asked why gaming shares that include Bloomberry are on the decline in the stock market, Razon noted that fund managers have lumped together all gaming stocks in a single basket.
“Singapore is down, Macau is down a lot. So everybody gets dragged down when funds and institutions sell in the gaming space. Everybody gets affected,” he said.
The Bloomberry executive noted that after the Koreans the players from China are the second largest market for the casino resort in Entertainment City Manila.
Razon said the casinos are now talking to the government “constantly” on building a new airport to bring in more tourists.
“We’re pushing mainly for the airport. We pushed for the NAIA (Ninoy Aquino International Airport) Expressway, and that’s being done by the government. That is very positive. The focus now is on the expansion of landing capacity,” Razon said.
“We really wanted to push tourism. The government’s role is building infrastructure to accommodate more tourists. And our role is to provide resorts that will cater to them,” he added.