Bloomberry profit hits record P7.2 billion in 2018

MANILA, Philippines — Bloomberry Resorts Corp. of billionaire Enrique Razon Jr. booked an increase of 18.2 percent in earnings to a record high of P7.2 billion last year from P6.06 billion in 2017 on the back of higher gaming and non-gaming revenues as well as lower expenses.

Razon, chairman and chief executive officer of Bloomberry, said the company is looking forward to future growth with the launch of its integrated resort in the country.

“I am pleased to report that Bloomberry continues to be a trailblazer in the Philippine gaming and entertainment scene with our worldclass integrated resort offering, Solaire Resort and Casino, delivering record revenues and profits in 2018,” Razon said.

The owner and operator of Solaire Resort & Casino in the Philippines and Jeju Sun Hotel & Casino in Korea is set to start the construction of the proposed casino in Quezon City this year to be completed by 2022.

Razon’s Sureste Properties Inc. and Bloomberry Resorts and Hotels have obtained a 10-year loan facility worth P40 billion from Philippine National Bank, BDO Unibank Inc., Metropolitan Bank & Trust Co., Union Bank of the Philippines, Bank of Commerce, China Banking Corp., and Robinsons Bank Corp.

“We look forward to 2019 and to sowing the seeds of our future growth, as we anticipate to break ground on our second integrated resort in Quezon City this year,” Razon said.

The higher profit was achieved despite the unrealized foreign exchange losses from the Korea operations and higher interest expenses incurred resulting from the full drawdown of the P73.5-billion syndicated loan in the first half of 2018.

The proceeds of the loan facility were used to retire previous debt facilities and finance the acquisition of land from the Philippine Amusement and Gaming Corp. (PAGCOR) where Solaire and its Phase 2 expansion area is located within Entertainment City.

Bloomberry also reported record earnings before interest, taxes, depreciation and amortization (EBITDA) of P14.89 billion in 2018, 20.6 percent higher than the P12.35 billion recorded in 2017.

“Both EBITDA and net profit growth were supported by record levels of gaming volumes and gross gaming revenues across the VIP, mass tables and electronic gaming machine segments, non-gaming revenues, as well as effective cost containment initiatives,” the company said.