Bloomberry swings to P2.5 billion profit in H1

MANILA, Philippines — Razon-led Bloomberry Resorts Corp., operator of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a consolidated net income of P2.5 billion in the first half of the year, reversing the P1.9 billion net loss a year earlier, as more VIPs and mass gamers returned to the gaming machines and tables.

The company raked in P17.2 billion in consolidated revenue during the period, up 68 percent as consolidated gross gaming revenue jumped by 76 percent to P22 billion.

In the second quarter alone, the company swung to a P1.8 billion profit from a net loss of P1.2 billion a year ago and 164 percent higher than the P679.4 million reported during the previous quarter.

Second quarter revenue reached P10 billion, up 112 percent year-on-year on gross gaming revenue of P13.1 billion, which is up 131 percent from a year earlier.

Bloomberry chairman Enrique Razon said the company sustained its recovery during the period.

“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income,” Razon said.

There is scope for further recovery as regional travel recovers, he said.

“Absent the emergence of new COVID-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months,” Razon said.

Consolidated non-gaming revenue stood at P1.7 billion for the quarter, representing an increase of 163 percent from the P657 million generated in the same quarter last year.

This brought consolidated non-gaming revenue in the first half to P2.7 billion, higher by 74 percent compared to the same period last year.

As of June 30, Bloomberry had a consolidated cash and cash equivalents balance of P36.8 billion.

Total outstanding long-term debt was P88.1 billion, which represents the balance of the current and non-current.

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The article was originally published in Phil Star Global and written by Iris Gonzales.