Bloomberry Resorts Corp., the listed developer and operator of Solaire Resort & Casino and South Korea-based Jeju Sun Hotel & Casino, has “returned to profitability” in the first half of the year, recording a P174-million net income compared to the P1.32 billion net losses posted the same time last year.
In a disclosure to the Philippine Stock Exchange, the company said its January to June revenues increased by 14 percent to P14.11 billion from P12.32 billion the same period in 2015 due to the “all time high” records of both its gaming and non-gaming revenues, as well as its VIP volume.
Solaire operations is still the main driver for growth, contributing 99 percent of the total revenues while Jeju Sun is still incurring expenses. Without the P434-million net loss drag from Korean operations, Bloomberry would have posted P608 million in net income.
“Our hard stance policy on cost and capital management, coupled with our aggressive marketing campaign, has proven to be effective as shown by these outstanding results. We are bucking the trend in regional gaming which has been showing weakness. We are confident that this growth streak will continue,” said Enrique K. Razon Jr., Bloomberry chairman and chief executive officer.