Supplier News
Philippines – Bloomberry posts loss despite Solaire’s revenue growth
By Phil - 14 August 2015
Rising costs have seen Philippine casino operator Bloomberry Resorts post a net loss of P786.55m (US$17m) for the second quarter to June.
The good news was that GGR over the three months increased by nine per cent to 5.986bn pesos, offset by increasing 59 per cent to P6.27bn. The cost have risen due to expansion work at Solaire and the development of a casino in South Korea.
Bloomberry’s Chief Executive Enrique Razon said: “Well into our second year, Solaire continues to experience steady and continuous growth especially in all gaming segments. That this is happening despite new competition gives credence to our conviction that the Philippines is a prime market for gaming for both local and foreign players. We’re on the right track.”
The results followed those posted by Melco Crown, who operates City of Dreams Manila, and who said its net losses had increased Pto 1.82bn in the second quarter.
A spokesperson there said that as well as a slowdown, the cost of operations had ‘escalated.’
