Razon's Bloomberry reverses loss with P679 million net income in Q1

ABS-CBN News

Posted at May 13 2022 10:11 AM

MANILA - Bloomberry Resorts Corp on Friday said it has reversed its past losses during the first quarter of 2022 after pandemic restrictions eased in February and March resulting in an increased operational capacity. 

Net income for the period hit P679.4 million on the back of domestic strength, from a net loss of P780.8 million in the same period last year and P1.3 billion in the fourth quarter of 2021, the Enrique Razon-led firm said in a disclosure to the stock exchange.

Consolidated net revenue rose 30 percent to P7.2 billion, it added.

The omicron variant caused a surge in cases in January but was stemmed within the quarter resulting in increased capacity in Solaire's casino, hotel, F&B and retail segment in accordance with government guidelines, it said.

Total gross gaming revenues (GGR) at Solaire reached P8.9 billion for the period, higher by 30 percent compared to the same period in 2021, Bloomberry said

"GGR growth was supported by much improved domestic patron confidence driven by the high nationwide vaccination rate and easing of COVID-19 restrictions throughout the quarter," it said.

Bloomberry has interests in accommodations, gaming and entertainment, restaurants and other amenities. It operates Solaire Resort and Casino in the Philippines and Jeju Sun Hotel and Casino in Korea.

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