Bloomberry earnings up 8% to P6.4 B

Bloomberry Resorts Corp., the owner and operator of Solaire Resort & Casino and Jeju Sun Hotel & Casino, continued to grow its net income in the first nine months.

Net earnings increased by eight percent to P6.4 billion.

Solaire reported record mass table drop and new all time high in gross gaming revenue for Solaire’s mass table and EGM gaming segments.

Enrique Razon Jr., Bloomberry chair and CEO, is pleased with the strong results.

“I am heartened that we continually set new records in many aspects of our operation. It goes to show that we continuously try to outdo ourselves in our quest to make Solaire the country’s trendsetter for integrated resorts. I am confident of ending the year with similar stellar results,” Razon said.

Solaire’s mass table drop grew 22 percent to P32.99 billion, while its EGM coinin increased by 17 percent to P159.54 billion.

Gross gaming revenues rose 10 percent to P37.74 billion. Non-gaming revenues, on the other hand, went up three percent to P2.53 billion with the growing number of productions at Theatre at Solaire, the opening of more retail outlets at The Shoppes and improved hotel occupancy in both the Bay and Sky Towers.

However, in the third quarter alone, Bloomberry reported a 39 percent drop in net income to P1.13 billion due to lower EBITDA and a 159 percent surge in interest expense relating to the new syndicated loan that was used to retire previous debt facilities.

The loan will also be used to acquire land from PAGCOR where Solaire and its expansion area is located in the Entertainment City.

Solaire was the first property to open in the 100-hectare Entertainment City.

It features a 312-key allsuite five-star hotel, a Sky Tower and other amenities such as The Theatre, a 1,760seat Broadway-style theater and high-end retail area.

The Shoppes at Solaire features luxury boutiques Louis Vuitton, Prada, Bvlgari, Salvatore Ferragamo, Givenchy, Y-3 (Adidas) and Luk Fook Jewelry.