Bloomberry losses double in 2013

MANILA, Philippines - Bloomberry Resorts Corp., developer and operator of Solaire Resort & Casino, nearly doubled its net loss to P1.31 billion last year, weighed down by higher expenses.

In a financial report submitted to the Philippine Stock Exchange (PSE), Bloomberry said revenues jumped to P12.34 billion from the P195.6 million recorded in 2012. Out of the total, gaming accounted for 93 percent followed by non-gaming (hotel, food and beverage) with six percent or P767.76 million of the total.

Retail and other revenues and interest income each accounted for approximately half of the balance of one percent.

Total expenses (including those relating to the mistakes and inefficiencies of its previous partner Global Gaming Asset Management (GGAM) grew 14-fold to P13.5 billion from only P951.98 million, thereby offsetting revenue growth.

Around 70 percent of total operating expenses came from taxes and licenses,  salaries and benefits,  depreciation and amortization, and advertising and promotions. The group intensified promotion and marketing efforts to further attract more customers.

Excluding the P1.048 billion in pre-operating expenses, Bloomberry’s net loss would have decreased by 80 percent to P267 million. Bloomberry, the first to open a gaming and entertainment hub at the Pagcor Entertainment City, booked a net foreign exchange gain of P187.5 million, a turnaround from the P115.8 million foreign exchange loss incurred the previous year.

Solaire casino occupancy reached 72 percent in the last quarter of 2013 with the mass gaming player sign-ups reaching 256,000.  Total visits reached the three million mark.

Consolidated net interest income fell 72.6 percent to P53.6 million mainly due to lower average cash balance.

 

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