Resorts operator Bloomberry Resorts Corp. said it saw a surge in net profit in the first six months of the year, with unit Solaire Resort and Casino generating hefty revenues.
Net profit by mid-year has hit P2.982 billion, reversing a loss of P1 billion incurred in the corresponding period in 2013, while revenue has expanded to P11.426 billion from P4.139 billion in 2013.
In its first-half earnings report, the company said its gaming revenue pushed up overall sales. Solaire started its operations in March 2013.
“Gaming revenue in the first half of 2014 was more than three times the gaming revenue in the same period of 2013 . . . The Group registered the biggest and second biggest gross gaming revenue in the first and second quarters, respectively, since [Solaire’s] opening day,” Bloomberry said.
First-half gross gaming revenue more than tripled to P13.5 billion from the mid-2013 level of P4.4 billion, while non-gaming revenues—including hotel, food and beverage, retail and interest income—doubled to P636.9 million from P364.6 million.
Gaming sales comprised 95.5 percent of total revenues, while the non-gaming segment contributed 4.5 percent.
“Solaire’s management intensified [its]promotion and marketing efforts through unveiling creative programs, hosting special events, launching promotions, establishing marketing presence in the Asian Region, hiring experienced senior executives in mass and VIP marketing and other strategic marketing activities,” Bloomberry said.
Bloomberry’s operating cost and expenses for the first half rose to P8.48 billion from P5.48 billion in pre-operating expenses in 2013 as the company had set Solaire’s operations to full swing this year.
Formerly named Active Alliance Inc., Bloomberry was incorporated in 1999, and changed its corporate name in 2012.
Bloomberry fully owns Bloomberry Resorts and Hotels Inc. (BHRI) and Sureste Properties Inc. (SPI). BHRI is a license holder in Entertainment City where Solaire is located and operates Solaire’s casino business, while SPI is in charge of the hotel business.