From red to black: Ricky Razon’s Bloomberry swings to P697M profit in Q1
Business

From red to black: Ricky Razon’s Bloomberry swings to P697M profit in Q1

Bloomberry Resorts Corp. posted a net income of P697 million in the first three months, reversing a loss of P780.8 million a year earlier on strong domestic mass gaming revenues.

Consolidated net revenue grew 30 percent to P7.2 billion.

READ RELATED STORY: Bloomberry climbs, PH Resorts falls after Ricky Razon moves to take over Dennis Uy’s Cebu, Clark casino hotels

Total gross gaming revenues (GGR) climbed 30 percent to P8.9 billion, driven by increased domestic patron confidence resulting from the high nationwide vaccination rate and the easing of COVID-19 restrictions throughout the quarter.

VIP, mass table, and EGM (electronic game machine) GGR of Bloombery’s Solaire Resort and Casino amounted to P2.6 billion, P3.8 billion, and P2.4 billion, up 36 percent, 53 percent and one percent, respectively.

READ RELATED STORY: Dennis Uy folds: Ricky Razon to take over Cebu, Clark resorts of cash-strapped PH Resorts

Bloomberg chairman and CEO Enrique K. Razon Jr. exsaid: “For the first time in eight quarters, we recorded positive net earnings on growth driven by our domestic mass gaming segment. Business and pandemic conditions permitting, we look to sustain the recovery for the rest of the year.”

“If travel constraints among Asian jurisdictions continue to ease, then we may see operations at Solaire ramp up further in the coming quarters. However, should COVID-19 cases surge anew, Bloomberry remains equipped to handle a return to tighter restrictions,” Razon said.

The company’s Korean casino venture, Jeju Sun reported nil gaming revenues in the first quarter as operations had been suspended since March 21, 2020.

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Non-gaming revenue rose six percent to P927.8 million, representing an increase of six percent.

 

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