Bloomberry Resorts Corp., the hotel, resort and gaming business of tycoon Enrique Razon Jr., reported Wednesday that consolidated net income in the first half more than doubled to P6.4 billion from the P2.5 billion reported in the year-earlier period, driven higher by a strong domestic gaming market and the steady recovery of the international segment.
The company said a P356.6 million one-time gain on sale from the disposition of an asset also helped boost net income in the first half.
Consolidated gross gaming revenue for the period was P31.2 billion, a 41 percent increase, while consolidated net revenue was up 48 percent to P25.6 billion.
For the second quarter alone, Bloomberry reported a 92 percent growth in net income to P3.4 billion, which included gains from the sale of an asset in Solaire Korea. Gross gaming revenue in the second quarter at Solaire was P15.1 billion, an increase of 15 percent from the same quarter last year.
Consolidated cash operating expenses in the second quarter rose 16 percent to P7.2 billion due to higher gaming taxes and salaries and benefits consistent with the improved level of business activity at Solaire. The second quarter numbers pushed cash operating expenses in the first half higher by 37 percent to P14.4 billion.
Razon, who is Bloomberry chairman and chief executive officer, said gains in the second quarter helped pushed earnings in the first half to pre-pandemic levels and underscore the rosy forecasts for the coming quarters.
“During the (second) quarter, all our business segments continued to deliver growth that pushed consolidated net revenues, EBITDA, and net profit in the first half to levels exceeding that of the same period in 2019. Gaming volumes in both VIP and mass gaming extended their gains year-over-year, highlighting the strength of the Philippines’ domestic gaming market and gradually recovering international visitation profile,” said Razon in a statement.
“We anticipate that the growth momentum we have so far seen will continue well into the next six months and in the years ahead,” he added.
