Bloomberry Resorts Corp Reaches P679 Million Q1 Net Income, Mitigates Previous 2021 Losses

Enrique Razon’s Bloomberry Resorts Corp has announced last Friday its net income of P679.4 million in Q1 of 2022, reversing its incurred loss of P780.8 million from the same period back in 2021. The company was able to achieve an increase in its operational capacity with the easing up of quarantine restrictions last February and March.

In the company’s disclosure to the stock exchange, its consolidated net revenue also increased by 30%, reaching P7.2 billion, alongside Bloomberry’s GGR (gross gaming revenue) hitting P8.9 billion– a 30% increase from the previous year. Bloomberry states, “GGR growth was supported by much improved domestic patron confidence driven by the high nationwide vaccination rate and easing of COVID-19 restrictions throughout the quarter.”

Despite the initial surge in COVID-19 cases last January due to the Omicron variant, the company now stated it was able to increase Solaire’s capacity for its casino, hotel, dining, and retail segment in accordance with the Philippine government’s pandemic restrictions being more open.

Razon’s company currently operates Solaire Resort and Casino, and the Jeju Sun Hotel and Casino is located in South Korea. Bloomberry has investments in the entertainment, gaming, restaurant, and hotel industries.

Bloomberry has also signed a joint venture with Dennis Uy’s PH Resorts Group Holdings to invest in Lapu-Lapu Leisure Inc. for developments in Cebu for the Emerald Bay Resort Hotel and Casino in Lapu Lapu City, and the Clark Grand Leisure Corp is currently in development for Clark, Pampanga.

Source: ABS CBN News, ABS CBN News