Bloomberry net P4B profit in 1st semester

Bloomberry Resorts Corp. posted P4.11 billion net profit in the first semester, its highest for this year.

Bloomberry told the Philippine Stock Exchange (PSE) that its net profit in the first half of the year surged 24 times from P174 million during the same period in 2016.

The listed firm attributed the growth to the strong performance of Solaire Resort and Casino as well as improvements in Jeju Sun Hotel and Casino.

Bloomberry’s revenues in the first half rose 31 percent to P18.46 billion, with Solaire’s revenue growth at 30 percent and Jeju Sun’s at faster pace of 81 percent.

The company noted that Solaire reported a new record mass table drop and electronic gaming machine (EGM) coin-in as well as record-high gross gaming revenues in its VIP, mass table, EGM gaming segments.

“We are gratified to see the continuing results of our efforts to level up Solaire’s game. There will be no let-up in these efforts. We are on track, and we will continue to focus on surpassing our previous achievements,” Bloomberry chair and chief executive officer Enrique Razon said.

Meanwhile, Bloomberry’s non-gaming revenues reached P1.58 billion in the first half of 2017, increasing by 40 percent from the same period in 2016.

Its robust non-gaming revenues were attributed to new show at the Theatere at Solaire, opening of The Shoppe at Solaire, and the 7.4 percentage point increase in hotel occupancy rate at both Bay and Sky Towers.

From an average hotel occupancy rate of 84.2 percent in the first half of last year, it grew to 91.6 percent this year.

RIZA LOZADA