Bloomberry reports net loss of $73 million in 2015

Philippines-listed Bloomberry Resorts Corporation reported an audited consolidated net loss of P3.4 billion (US$73.2 million) in 2015 compared to net profit of P4.1 billion in 2014.

Bloomberry, owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino said the loss was a result of large increases in depreciation and amortization from Sky Tower as well as higher interest expenses from additional loan drawdowns made during the year.

“During the year in review, we accomplished much, refurbishment and subsequent re-opening of our first overseas property and the start-up of our first Philippine expansion, the Sky Tower,” said Bloomberry chairman Enrique K. Razon Jr.

Revenue grew 7 percent to P34.4 billion, compared to P32.1 billion in 2014.

Total expenses increased 51 percent from P17.6 billion to P26.7 billion.

Bloomberry said the increase in expenses was a result of large provisions for bad debt, consolidation of its Korean operations and the full-year impact of the additional expenses associated with start-up operations of the Sky Tower in Solaire.

EBITDA declined 49 percent to P5.2 billion.

Gross gaming revenues hit record numbers at P32.5 billion, an increase of 5 percent year on year and non-gaming revenue jumped 49 percent year on year to P1.9 billion.