go777 Bloomberry income down 58% on Solaire North costs

Bloomberry Resorts Corp.

Costs related to the opening of its newest project and less patrons frequenting casinos gutted the nine-month net income of listed Bloomberry Resorts Corp. by 57.83 percent to P3.5 billion.

In a stock exchange filing on Wednesday, Bloomberry said its revenues reached P38.5 billion, up by 6 percent versus the same period last year.

Article continues after this advertisement

READ: Bloomberry gets cheaper, longer P72-B loan deal

FEATURED STORIES BUSINESS BIZ BUZZ: Trouble at the PSC BUSINESS PH ʼ24 tourism arrivals forecast cut to 6M BUSINESS Stiff airline competition drags PAL performance

The decline stemmed from Bloomberry’s P470-million net loss in the third quarter alone from a net income of P1.9 billion due to higher depreciation and interest expenses at Solaire Resort North in Quezon City, its newest casino that was opened in May.

Bloomberry chair and CEO Enrique Razon Jr. likewise noted that gaming volumes declined in Entertainment City, the site of the company’s first Solaire Resort and Casino, reflecting a challenging business environment.

Article continues after this advertisement

Still, Razon said fresh contributions from Solaire North “more than offset this weakness,” resulting in gross gaming revenues (GGR) inching up by 22 percent to P16.3 billion in the July to September period.

Bloomberry’s nine-month GGR ended at P45.5 billion, up by 2 percent.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.go777

READ NEXT Boeing expects post-strike output recovery to take several weeks Biz leaders highlight need for stable policies to spur economi... EDITORS' PICK Regulators seize control of cash-strapped EQworld ‘First in-country’ assembled missile-capable attack craft launched BARMM election code, IRR violate PH Constitution – Escudero Typhoon Ofel keeps its strength over PH sea; Signal No. 2 up in 2 areas Manila Water champions sustainability with climate change policy MOST READ PH summons Chinese envoy to protest Bajo de Masinloc baselines Duterte defies VP Sara’s appeal to excuse him from hearing Bank documents show Duterte’s drug war was ‘fake’ — Trillanes La Mesa Dam at 'critical' level as tropical storm Pepito nears Follow @FMangosingINQ on Twitter --> View comments

• on
• go777
• down
• Income
• Bloomberry