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MANILA, Philippines – The casino arm of the Philippines’ third richest man, Enrique Razon Jr., reported a net loss in the first quarter of 2013 due to higher expenses.
In a disclosure to the Philippines Stock Exchange on Thursday, May 16, Bloomberry Resort Corp. posted a net loss of P1.056 billion in January to March 2013, up 688.6% from the net loss it incurred in the same months of 2012.
The company said its total cost and expenses surged 1,103.7%, mainly to due to the opening of its casino complex Solaire Manila Resort in Pagcor’s Entertainment City.
Other factors that affected the company’s bottom line included P32.2 million cost of sales, P42.4 million interest and financing charges, and P38.2 million foreign exchange losses.
Bloomberry reported total revenues of P578.3 million from the first 15 days of operation of Solaire. Gaming accounted for bulk of these revenues, at P495.6 million, while the rest came from the hotel, retail, and food and beverage businesses. – Rappler.com
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