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Manila Bulletin devider Business devider The Stock Market devider Razon rewards Solaire patrons with free Bloomberry shares

Razon rewards Solaire patrons with free Bloomberry shares

Published Aug 20, 2024 12:40 am

Billionaire Enrique K. Razon Jr. is giving away Bloomberry Resorts Corporation (BLOOM) shares of stock to loyal patrons of Solaire Resort & Casino.

In a disclosure to the Philippine Stock Exchange, Bloomberry said the board of directors of subsidiary Bloomberry Resorts & Hotels Inc. (BRHI) has approved the purchase of 1.94 million shares of BLOOM through the stock market at market price.

Under this directive, BRHI acquired the BLOOM shares on August 19, 2024 at prices ranging from P7.50 to P7.70 per share with the bulk of 1.18 million shares priced at P7.70 apiece.

“These shares shall be given as a reward to Solaire's loyal patrons and as part of Solaire's marketing program,” Bloombery said.

Bloomberry reported a 38 percent drop in consolidated net income to P3.97 billion in the first half of 2024 from the P6.42 billion posted in the same period last year.

This is due to lower earnings from Solaire Resort Entertainment City (SEC) and losses of the newly-opened Solaire Resort North (SN) and Jeju Sun Hotel & Casino (Jeju Sun).

Excluding the impact of gains from the disposal of an asset and the liquidation of a subsidiary, net income would have decreased by 35 percent year-over-year in the first six months of 2024.

“In the second quarter and first half of 2024, our mass gaming revenues across two properties increased year-over-year despite the very high base set in the first half of 2023.

“However, continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire Resort North resulted in a decline in consolidated EBITDA and net income,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.

He added that, “Despite our weaker consolidated year-over-year performance, I am pleased to report that Solaire Resort North recorded positive EBITDA of P250 million in its first 37 days of operations.

“We are in the early stages of the property’s ramp-up and are happy with the pace, especially as we compare it to the ramp of Solaire in Entertainment City over 11 years ago.

“As revenues at our second property grow, we anticipate further synergies and positive operating leverage to contribute to our group’s profitability in the coming quarters.”

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Enrique K. Razon Jr. Bloomberry Resorts Corporation Solaire Resort & Casino
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