Bloomberry returns to profit with P4.07-B income in 2014

MANILA, Philippines - Bloomberry Resorts Corp. of port and casino magnate Enrique Razon Jr. went back to profitability last year amid all-time high gaming and non-gaming revenues.

The owner and operator of Solaire Resort and Casino in Entertainment City said it was able to book P4.07 billion in net income last year, a reversal from the P1.32 billion net loss it suffered the previous year.

Bloomberry said total revenues last year nearly doubled to P24.12 billion from P12.344 billion in 2013.

The firm’s gross gaming revenues and non-gaming revenues in 2014 hit all-time highs of P30.387 billion and P1.071 billion, respectively, as all gaming and non-gaming segments recorded substantial growth.

For last year, the integrated resort operator said revenues continued to come mostly from gaming as it contributed 95 percent of total while hotel, food and beverage accounted for four percent.

The company also generated strong operating leverage and reaped the benefits of improved operating efficiencies, pushing the company’s earnings before interest, depreciation and amortization (EBITDA) to grow more than nine times to P10.08 billion from the previous year’s P1.12 billion.

“We are elated by the 2014 yearend results. Our initiatives to grow our market, to increase revenues and to curb operational excesses have enabled us to make a remarkable turnaround in just two years. Now, we will focus on even surpassing that,” said Razon, Bloomberry chairman and chief executive officer.

Bloomberry said total capital expenditures last year reached P14.03 billion.

With the opening of a new leisure complex in Solaire, called Sky Tower, in November last year, the firm said it has exceeded the $1 billion minimum investment requirement under its provisional gaming license.

Solaire Resort and Casino is the first of four integrated resorts that opened in Entertainment City.

With several land acquisitions in South Korea reported in recent months, the company is now warming up to make its maiden casino business venture overseas.