Razon’s Bloomberry posts P23-M profit in Q2


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The company says its casino Solaire in Pagcor's Entertainment City generated profit after only a few months

MANILA, Philippines – Enrique Razon-led Bloomberry Resorts Corp., which owns Solaire Resort & Casino in Pagcor’s Entertainment City, posted P22.7 million in net income in the second quarter of 2013, reversing its P126 million net loss in the same period the previous year.

In a disclosure to the Philippine Stock Exchange on Wednesday, July 31, Bloomberry said strong casino and non-gaming revenues helped improve its bottom line.

“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,” Razon, chairman and president of Bloomberry, said.

Razon said his company would continue to ramp up developments at Solaire. “There is no let-up… many of [our programs] are already on stream.”

After opening the gaming complex in March 2013, Bloomberry unveiled numerous programs, promotions and events as part of its strategic marketing efforts.

In the second quarter, it signed up several junket operators to bring in foreign VIP players.

Below are highlights of Bloomberry’s financial performance in Q2:

  • Gaming revenues – P3.89 billion
  • Non-gaming revenues from hotel, food and beverage and retail – P267 million
  • Interest income – P14.9 million
  • Total expenses – P3.65 billion

– Rappler.com

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