MANILA, Philippines - Bloomberry Resorts Corp., owner of Solaire Resort & Casino, reported its profit surged to P4.072 billion in 2014, from a net loss of P1.315 billion in the previous year.
The company, owned by the Philippines' third richest man Enrique Razon, said its total revenues nearly doubled to P24.122 billion in 2014. The bulk of the revenues or 95 percent came from gaming.
Gross gaming revenues and non-gaming revenues hit record levels at P30.387 billion (up 103 percent) and P1.071 billion (up 39 percent), respectively in 2014.
Excluding P7.538 billion in promotional allowances, discounts, rebates paid through gaming promoters, progressive jackpot liabilities, and points earned in customer loyalty programs from gross gaming revenues, net gaming revenues were up 99 percent at P22.849 billion.
Total expenses also went up 31 percent year-on-year to P17.640 billion in 2014, from P13.504 billion in 2013.
Bloomberry said its earnings before interest, Depreciation and Amortization (EBITDA) rose more than nine times to P10.083 billion in 2014, due to substantial revenue growth, significant cost-reductions and improved operational efficiencies.
The company also said it generated P1.55 billion in retained earnings, reversing the P2.489 billion deficit at the beginning of the year.
"We are elated by the 2014 yearend results. Our initiatives to grow our market, to increase revenues and to curb operational excesses have enabled us to make a remarkable turnaround in just two years. Now, we will focus on even surpassing that," Razon, Bloomberry chairman and chief executive officer, said.
In 2014, Bloomberry spent P14.028 billion in total capital expenditures, as it completed the Sky Tower expansion last November.
On Tuesday, Bloomberry announced it was buying an island and casino operator in South Korea.