Bloomberry widens loss in 16Q1

Casino operator Bloomberry Resorts Corp has reported a net loss of PHP 1.2 billion (US$24.9 million) in 16Q1, compared to a net loss of PHP 533 million in the same quarter in 2015.

Total revenue was down 10 percent year on year, at PHP 5.7 billion for the quarter, compared to PHP 6.3 billion in 2015, while gross gaming revenue for the period was down 5 percent to PHP 7.7 billion.

Bloomberry also recorded a net loss from its Jeju Sun Hotel and Casino operation in South Korea of PHP 209 million.

Bloomberry said the losses was attributed to lower EBITDA, which declined 31 percent year on year to PHP 1.2 billion, due to low VIP hold as well as its Korean operations.

“Excluding expenses from its Korea operations, Bloomberry’s total expenses would have risen by only 2 percent on a year-on-year basis,” said Bloomberry.

Solaire on the other hand, continued to be the driver of revenue for the group, as the firm noted Solaire generated the highest VIP quarterly volume since its opening in 2013.

VIP gross gaming revenues, however, declined by 21 percent year on year following a drop in the VIP hold rate from 3 percent during the same time last year to 1.9 percent in 2016.

Gross gaming revenue for its mass segment increased year-on-year by 12 percent and 7 percent, respectively.

On a positive note, non-gaming revenue was up 50 percent year on year, said Morgan Stanley, attributed to a 85 percent improvement in occupancy rate and 26 rise in RevPAR.