Solaire operator incurs P1.51-B net loss in Jan-Sept


Posted at Nov 03 2015 11:13 AM | Updated as of Nov 03 2015 07:10 PM

MANILA - Bloomberry Resorts Corp., the operator of Solaire Resort & Casino, posted a net loss of P1.51 billion in the first nine months of the year.

The net loss from the January to September period was a reversal of the company's P3.29 billion in net profits in the same period last year.

In the third quarter, Bloomberry incurred a net loss of P187.4 million from a profit of P991 million in the third quarter of 2014.

Revenues during the quarter went up by 29 percent to P7.1 billion from the P5.51 billion in 2014.

"Our investments in the Sky Tower are beginning to show returns. Given the improvement in Philippine operations and the opening of a new revenue stream, we are hopeful that returns will continue to gain higher ground," Bloomberry chairman and chief executive Enrique Razon Jr. said in a statement.

Sky Tower, a 312-key all-suite five star hotel, opened in November at the Entertainment City in Paranaque.

A high-end retail area with a gross floor area of approximately 10,000 sqm and an expansive night club will also be opening soon at the integrated resort and casino.

Razon earlier said Solaire is aiming to turn the Philippines into a gaming hub alongside Macau and Las Vegas.

Razon is one of the country's richest billionaires with a net worth of $4.1 billion.