Bloomberry Results Q2 revenue, profit gains

    Bloomberry Resorts, which opened its Solaire casino in Manila’s Entertainment City in March last year, posted a sharp increase in Q2 revenue and profit as intense marketing efforts helped to boost gaming revenue.
    Net income after tax was 846.6 million pesos ($19.3 million), up from 22.68 million a year ago. That works out at 0.08 a share, compared with breakeven a year ago.
    Revenue in the three months to June 30th was 5.45 billion pesos, up from 3.58 billion in the year-ago period.
    Year-to-date, revenue has risen to 11.4 billion, compared with 4.1 billion in the same period a year ago.
    The company is currently undergoing the second phase of construction of the casino that will involve more 65 more VIP tables and 220 slot machines, an all-suite 312-room boutique hotel tower, a theatre, nightclub and additional retail and restaurant outlets.
    “Solaire’s intensified promotion and marketing efforts fueled the continued growth of the
    property’s gaming revenues,” it said in a release.
    The company recently launched a major branding and marketing campaign with AirAsia, wrapping an Airbus A320 with the resort’s colours.
    The campaign is scheduled to run through to 2016. Solaire claims to be the first consumer brand in the Philippines to fully wrap a brand around a commercial airline. It gave no details on spending for the campaign.
    Gross gaming revenue for the second quarter of 2014 increased by 66 percent to P6.5 billion compared with the same period last year. As of June 30, 2014, the group had signed-up with 56 junket operators to bring in foreign VIP players.
    Solaire Rewards Club membership had reached 343,000 and visitation for the first half of
    2014 totaled 2.1 million.
    The company also said it had managed to rationalize costs, leading to an improvement in margins.