MANILA, Philippines - Bloomberry Resorts Corp., the owner and operator of Solaire Resort and Casino, suffered a P1.32-billion loss in the first half of 2015, a reversal from the P2.31 billion income in the same period last year.
The company said its expenses increased 47 percent to P12.474 billion due to the additional costs incurred with the opening of Sky Tower in November 2014 and the consolidation of Solaire Korea in the second quarter.
Interest expenses likewise increased almost 80 percent year-on-year from P143 million to P1.117 billion as the company no longer capitalized interest expenses with the opening of Sky Tower.
Bloomberry’s earnings before interests, taxes, depreciation and amortization (EBITDA) in the first semester dropped 26 percent to P3.322 billion with the consolidation of Solaire Korea.
In the six-month period, however, Bloomberry posted P12.329 billion in net revenues, eight percent higher than the P11.463 billion in the same period last year.
Gross gaming and non-gaming revenues amounted to P15.566 billion and P839 million, respectively, a 10 percent and 40 percent increase year-on-year on the back of broad-based growth across all gaming segments and significant growth from the non-gaming business.
The gaming sector registered a six percent increase and continues to be the biggest generator of Bloomberry’s total gross revenues which accounted for 94.6 percent of the total due to broad-based VIP and mass growth.
“Well into our second year, Solaire continues to experience steady and continuous growth especially in all gaming segments. That this is happening despite new credence to our conviction that the Philippines is a prime market for gaming for both local and foreign players. We’re on the right track,” Bloomberry Resorts Corp. chairman and chief executive officer Enrique K. Razon Jr. said.