Bloomberry Resorts posts P2.3-B profit in H1

ABS-CBN News

Posted at Aug 01 2014 05:04 PM | Updated as of Aug 02 2014 01:04 AM

MANILA – Bloomberry Resorts Corp., the owner and operator of the Solaire Resort and Casino, generated a profit of P2.3 billion in the first half of 2014.

It was a significant turnaround from the P1 billion loss that the firm reported in the same period last year.

Bloomberry’s total gross revenues for the first six months of the year grew to P14.2 billion, more than three times larger than the P4.5 billion it posted in the same period last year.

Bloomberry chairman and chief executive Enrique Razon Jr. said the “better-than-expected” results were due to strategic management decisions and focus on goals.

“We expect this momentum to continue from hereon, as we expand our focus towards upcoming opening of Phase 1A,” he said in a statement.

Solaire’s Phase 1A is expected to be completed by the fourth quarter of this year.

The new phase of the project will add more non-gaming amenities such as a 312-key all-suite five-star hotel, a 1,710-seat Broadway-style theater, a high-end retail area of approximately 5,000 square meters, a night club, a karaoke bar, a cigar and whiskey bar, more meeting rooms, as well as additional gaming facilities.

Gaming continues to be Bloomberry’s biggest generator of revenues, accounting for 95.5 percent or P13.5 billion of the total gross revenues in the first half of 2014.

The firm said that gross gaming revenues for the second quarter of the year grew 66 percent due to continued improvements in marketing initiatives to drive revenues and bring down costs.

Solaire Resort and Casino is the first property to open in Entertainment City in Pasay.