Solaire operator reports record-breaking Q3 profit

MANILA — Bloomberry Resorts Corp., owner and operator of the Solaire Resort & Casino, reported a whopping 501-percent increase in profit in the third quarter of this year, driven mainly by robust gaming revenues.

In a disclosure to the Philippine Stock Exchange, Bloomberry said its net income grew six-fold to Php 992 million in July to September from Php 165 million during the same period last year.

The third-quarter earnings brought the company’s profit to Php 3.30 billion in the first three quarters of the year, nearly five times larger than the Php 868-million loss reported in the same period last year.

Its revenues in January to September also jumped by 127 percent to Php 22.44 billion from Php 9.89 billion generated in the same period last year.

Bloomberry said its gross gaming revenues grew by 58 percent to Php 7.67 billion, while non-gaming revenues rose by 14 percent to Php 232 million.

The company said that aside from substantially growing the revenues, significant cost-containment measures also boosted profitability.

“We are extremely pleased with the better-than-expected results as it speaks well of the tremendous efforts we have put in to turn around our operations without cutting down on our quality of service and amenities,” said Bloomberry chairman and chief executive officer Enrique Razon Jr.

“We will most likely use the same formula for our Phase 1A extension, which will not only double the size of our property but will expand our menu of amenities,” Razon said.

Bloomberry is gearing up for the opening of Phase 1A of the Solaire Resort & Casino by the end of November 2014.

Solaire is the first property to open in PAGCOR’s Entertainment City.