Bloomberry Resorts posts P3.5-b profit

Casino operator Bloomberry Resorts Corp. saw its nine-month net income decline by 57.6 percent to P3.5 billion from P8.26 billion in the same period last year amid a decline in gaming volume and higher depreciation costs and interest expenses.

Bloomberry said in a disclosure to the stock exchange Wednesday its consolidated gross gaming revenues rose 2 percent to P45.5 billion from P44.5 billion in the first nine months of 2023. Non-gaming revenues amounted to P7.4 billion, up by 15 percent year-over-year.

“As we started to record higher depreciation costs and interest expenses related to the commencement of Solaire Resort North’s operations, we reported a net loss in the July to September quarter of 2024,” said Bloomberry chairman and chief executive Enrique Razon Jr.

“The business environment remains challenging in Entertainment City as gaming volumes declined,” he said.

Razon said, however, gaming volumes generated by the newly-opened property in Quezon City helped offset the lower gaming revenues from Solaire in Paranaque City.