Bloomberry returns to profitability in first half

Published August 10, 2022, 12:36 PM

by James A. Loyola

Bloomberry Resorts Corporation, owner of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a turnaround with an unaudited consolidated net income of P2.5 billion in the first six months of 2022 from its net loss of P1.9 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated net revenue in the second quarter was P10.0 billion, representing an increase of 112 percent from P4.7 billion in the same period last year.

Bloomberry said its net income reached P1.8 billion in the second quarter of 2022, 164 percent higher than the P679.4 million in the first quarter and a reversal of the P1.2 billion loss in April to June last year.

Revenues jumped 110 percent to P10 billion in the second quarter and 68 percent to P17.2 billion in the first semester of 2022.

Bloomberry Chairman & CEO Enrique K. Razon Jr.

“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.

He added that, “Absent the emergence of new COVID-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security.”

Gross gaming revenues (GGR) at Solaire in the first half was P22.0 billion, 76 percent higher than the P12.6 billion recorded in the first half of 2021.

First half consolidated contra revenue accounts increased by P2.9 billion from the same period last year to P6.0 billion. Consolidated net gaming revenue in the first six months was P14.6 billion, up by 67 percent compared to the same period last year.

Non-gaming revenue at Solaire in the first six months was P2.7 billion, representing an increase of 74 percent year-over-year.

 
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