Bloomberry returns to profitability with P1.8-B earnings
BLOOMBERRY Resorts Corp. reported an attributable net income of P1.81 billion for the second quarter, reversing last year’s net loss of P1.16 billion, on eased mobility restrictions.
“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon Jr. said in a press release on Monday.
“Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA (earnings before interest, tax, depreciation, and amortization) and net income,” Mr. Razon added.
Bloomberry, the operator of Solaire Resort & Casino, reported a consolidated EBITDA amounting to P3.86 billion in the second quarter, almost four times of last year’s P1.03 billion.
Its topline during the three-month period reached P10.23 billion, more than double last year’s P4.75 billion.
“Absent the emergence of new COVID-19 (coronavirus disease 2019) variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security,” Mr. Razon added.
Total gross gaming revenue (GGR) at Solaire posted P13.12 billion, more than double of last year’s P5.67 billion in the second quarter.
“Easy COVID-19 restrictions throughout the quarter furthered the recovery of gaming revenues,” Bloomberry said.
Solaire’s VIP tables contributed P4.41 billion, mass tables accounted for P4.11 billion, and slots made up P4.6 billion.
Meanwhile, Solaire’s non-gaming revenue reached P1.7 billion, almost triple last year’s P657 million, amid operating under more relaxed mobility restrictions.
Its hotel occupancy rate reached 53.4%, higher than the recorded 14.9% rate in the second quarter of 2021.
Year to date, Bloomberry’s attributable net income went up to P2.49 billion from the P1.93-billion net loss recorded in the same period last year.
Its topline for the six months ended in June climbed to P17.49 billion, almost two times last year’s P10.25 billion.
Bloomberry develops destination resorts featuring premium accommodations, gaming and entertainment, restaurants and other amenities.
The company and its subsidiaries own and operate the Solaire Resort & Casino in the Philippines and Jeju Sun Hotel & Casino in Korea.
On the stock market on Monday, shares in Bloomberry soared by 6.45% or 40 centavos to P6.60 apiece. — Justine Irish D. Tabile
