GAMING firm Bloomberry Resorts Corp. swung to a net profit of P3.3 billion in the first nine months after incurring a net loss of P868 million in the same period last year.
Revenue in the January-September period also surged 127 percent to P22.4 billion from last year’s P9.9 billion.
For the third quarter alone, the company’s gross revenue hit P7.7 billion, 58 percent higher than last year’s P4.9 billion. Third quarter profit grew more than six-fold year-on-year to P992 million from P165 million.
Bloomberry owns and operates gambling and resort complex Solaire Resort & Casino, the first property to open in PAGCOR’s Entertainment City.
“We are extremely pleased with the better-than-expected result 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,” said Enrique Razon Jr., Bloomberry chairman and chief executive officer.
“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,” he added.
Gaming continued to be the biggest generator of the company’s total gross revenues in the first nine months, accounting for 95.9 percent of the total, followed by hotel, food and beverage as well as retail at 3.8 percent, with the balance of 0.3 percent taken up by interest income.
Stripping out promotional allowances, net gaming revenues in the first nine months grew 113 percent year-on-year to P16.4 billion. In the third quarter, net gaming revenues grew by 44 percent year-on-year to P5.6 billion.
With the scheduled opening of Phase 1A by end-November, Solaire will become a true integrated resort that will drive both local and foreign visitors through the addition of more non-gaming amenities such as the Sky Tower, a 312-key all-suite five-star hotel; a 1,760-seat Broadway-style theatre; 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 whiskey bar, meeting rooms, as well as additional gaming facilities such as 66 VIP gaming tables and 223 slot machines.