MANILA, Philippines - Ports tycoon Enrique Razon's Bloomberry Resorts Corp. said it posted a P165 million profit in the third quarter, as junket operators brought more players to its Solare Resort & Casino.
Bloomberry said it generated P4.11 billion in total net revenues in the third quarter, while total expenses were P4.08 billion during the same period.
"The continued sustainability of Solaire’s operations is evident in Bloomberry’s third quarter performance. We see this continuing going into the fourth quarter and well into next year," Enrique K. Razon Jr., Bloomberry chairman, said.
Bloomberry's P165 million net profit in the third quarter was a "more than a seven-fold increase" from the P108.6 million net loss a year ago. In the second quarter, Bloomberry reported a P22.7 million profit.
This was attributed to growth in all gaming segments and an increase in players brought by junket operators to Solaire.
"Solaire is continuously receiving interest from more junket operators and have signed up a number of them this quarter," the company said, noting two major junket parties occurred in the third quarter.
In the third quarter, gross gaming revenues reached P4.87 billion, while non-gaming revenues coming from the hotel, food and beverage, retail and others reached P223.1 million and interest income totaled P10.2 million.
Total expenses in the third quarter reached P4.08 billion, including operating expenses, cost of sales, interest expenses and financing charges and foreign exchange losses.
"The company has been able to identify and address problems in systems and operations from its previous management service provider, and the improvements introduced have generated positive results with total expenses growing 12 percent quarter-on-quarter, slower than the 14% growth in net revenues," Bloomberry said.
Last month, the company hired former Marina Bay Sands president and CEO Thomas Arasi as president and chief operating officer of Solaire Casino & Resorts.
Arasi replaced the representative of Global Gaming Philippines LLC (GGAM), who was sacked in September by Bloomberry for its failure to manage Solaire Resort and Casino.