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Bloomberry Resorts swings to profitability, earns P1.56B

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BLOOMBERRY Resorts Corp. posted P1.56-billion attributable net income in the third quarter, turning around from a net loss of P1.04 billion a year ago, as gaming volumes improved.

“Against a global economic backdrop of rising inflation and interest rates, our business saw third-quarter gaming volumes further improve toward pre-pandemic levels,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said in a disclosure on Tuesday.

In the third quarter, the company’s topline rose to P10.06 billion, almost double last year’s P5.13 billion.

Total gross gaming revenue was at P13.37 billion, up by 88.6% from P7.09 billion in 2021, driven by local casinos as operations in its Jeju property were suspended during the quarter.

The company’s VIP rolling chip volume grew by 23.2% to P132.77 billion; mass table drop climbed by 77.1% to P10.56 billion; and slot coin-ins were at P85.1 billion, up by more than two times.

Bloomberry’s operating costs and expenses were also higher by 43.6% to P7.31 billion from P5.09 billion a year ago.

YEAR-TO-DATE FINANCIAL SHOWINGIn the nine months to September, Bloomberry reported an attributable net income of P4.05 billion, reversing a net loss of P2.97 in 2021.

Its year-to-date revenues were at P27.27 billion, up by 77.6% from P15.35 billion last year.

“Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95% of January to September 2019 values, demonstrating the resilience of local discretionary consumption,” Mr. Razon said.

Gross gaming revenues for the period climbed by 80.3% to P35.41 billion from P19.65 billion previously.

For the nine-month period, VIP rolling chip volume climbed by 76.4% to P333.13 billion; mass table drop grew by 50.7% to P26.85 billion; and slot coin-ins reached P217.21 billion, up by two times.

Bloomberry subsidiaries own and operate Solaire Resort & Casino and Jeju Sun Hotel & Casino.

On the stock market on Tuesday, shares in Bloomberry lost 25 centavos or 3.5% to P6.90 apiece. — Justine Irish D. Tabile