Solaire lifts 2nd quarter profit of Bloomberry

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The $1-billion Solaire Manila Resort and Casino project of Bloomberry Resorts Corp. that opened earlier this year lifted the listed gaming firm’s second-quarter profit from a net loss in the same period last year.

In the company’s financial statement, Bloomberry reported a P22.7-million net income during the three-month period, which is a complete turnaround from its net loss of P126.9 million during the second quarter of 2012. Also, Bloomberry’s gross gaming revenues amounted to P3.89 billion and nongaming revenues from hotel, food and beverage, retail and others reaching P267 million.

Ruling out promotional allowances of P576.4 million, gaming accounted for 92 percent of the firm’s total revenues, while nongaming revenues and interest income accounted for 7.4 percent and 0.4 percent, respectively.

In a statement, the company said that Solaire, its hotel and casino development in the government’s Entertainment City along Manila Bay, generated P3.6 billion in total net revenues in the second quarter of 2013.

According to the group, it was during the second quarter of 2013 when the group signed
up several junket operators, which eventually brought in foreign players.

“It is gratifying to know that Solaire has begun to generate profit after only a few months. I am confident that this trend will continue. At the same time, there is no let-up in our ramp-up programs, many of which are already on stream.” Enrique Razon Jr., Bloomberry chairman and president, said.

Madelaine B. Miraflor

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