Bloomberry’s Arasi resigns as president, COO

RAZON-LED Bloomberry Resorts Corp. said Thomas Arasi has stepped down as the company’s president and chief operating officer (COO), effective immediately.

In a stock exchange disclosure on Tuesday, Bloomberry announced that Mr. Arasi has also resigned from the board of directors of Bloomberry Resorts, Bloomberry Resorts and Hotels, Inc., and all other positions in the company’s subsidiaries.

Bloomberry Resorts said Mr. Arasi’s resignation was effective on Tuesday, citing “personal reasons.”

Bloomberry is the operator of Solaire Resort & Casino.

The company recorded an attributable net loss of P472.43 million for the third quarter, down from a profit of P1.86 billion in the same period last year.

The company recorded a gross revenue of P13.67 billion, climbing by 27.3% from P10.74 billion in the comparable period a year ago. It posted a gross expense of P11.67 billion, 55.2% higher than the P7.52 billion in the third quarter last year.

For the January-to-September period, Bloomberry Resorts saw its attributable net income drop by 57.5% to P3.52 billion from P8.28 billion in the same period last year.

For the nine months ended September, Bloomberry Resorts’ gross revenue went up to P38.26 billion, marking an increase of 5.9% from P36.11 billion last year.

Its gross expense surged to P29.96 billion for the January-to-September period, climbing by 27.1% from P23.58 billion last year.

At the local bourse on Tuesday, shares in the company closed unchanged at P4.73 apiece. — Ashley Erika O. Jose