Bloomberry Resorts Corp., operator of Solaire Resorts & Casino, registered a net income of P6.4 billion in the first nine months of the year, up eight percent from P5.96 billion year-on-year.
Bloomberry said in a financial report filed with the Philippine Stock Exchange revenues reached P40.56 billion, the highest recorded in a nine-month period since its opening.
Consolidated net income, however, was reduced by higher interest expense and losses from Korean operations.
Bloomberry’s Philippine operations posted a net income of P7 billion, up 18.5 percent from P5.9 billion in the same period last year, as gross gaming revenues reached P37.7 billion, up 10.2 percent from a year ago.
Jeju Sun Hotel, the company’s operations in South Korea, recorded a net loss of P625.3 million in the first nine months 2018, a reversal from last year’s P59.6-million net income.
Interest expense during the period jumped 98.5 percent due to a P73-billion new syndicated loan facility obtained in April. Bloomberry used the proceeds of the loan to purchase a property of Philippine Amusement and Gaming Corp. in Entertainment City and retire old debt.
Bloomberry reported a net income of P1.13 billion in the second quarter, down 39 percent from P1.85 billion on year.
The Philippine operations registered a net income of P1.09 billion, which was lower by 44 percent against P1.95 billion recorded in the same quarter last year.
“This was the result of lower EBITDA and higher interest expenses for the quarter, the effect of which was reduced by the foreign exchange gains reported and lower depreciation and amortization,” Bloomberry said.
The $1.2-billion Solaire Resort & Casino is the first integrated destination resort to open in Entertainment City. The complex, which opened in 2012, includes a five-star hotel with 800 guest rooms, suites and villas, as well as retail, dining and gaming areas.
Share price of Bloomberry on Friday gained 0.7 percent to P8.12.