Solaire operator posts P1.461-B profit in Q1

Posted at 04/28/14 5:26 PM

MANILA – Enrique Razon’s Bloomberry Resorts Corporation, which owns and operates Solaire Resort & Casino, posted profits amounting to P1.46 billion in the first quarter of 2014.

The profit was a complete turnaround from the P1.056 billion loss the company posted in the same period last year.

Gross revenues also reached P7.38 billion, over 11 times the P661 million generated by Bloomberry in the same period last year.

The bulk of the firm’s total gross revenues came from gaming, accounting for 95.7 percent.

Gaming revenues reached P7.06 billion while non-gaming revenues hit P286 million.

Razon, Bloomberry’s chairman and chief executive, attributed the significant improvement in revenues to the ability to successfully manage and operate the resort and casino without a third-party management company.

“It is significant that we were able to turn a profit after only a year of operation. This is proof positive that the Group, without a third-party management company, has the ability and the acumen to manage an integrated resort. During the year, we labored on building our core business while working on the expansion that would make Solaire a truly integrated resort,” Razon said in a statement.

Bloomberry parted ways with GGAM, which managed Solaire, in September 2013.

Razon also held a positive outlook for 2014 with the opening of Solaire’s Phase 1-A expected in the fourth quarter.

The first phase of the $1.2-billion Solaire casino resort, located at Entertainment City along Manila Bay, was opened in March last year.