Asian casino operator Bloomberry Resorts Corporation has reportedly announced that it will be taking steps to further diversify its investment portfolio so as to better shield itself from the impact of future downturns such as those currently being experienced as a result of the coronavirus pandemic.
According to a report from GGRAsia, the Manila-listed firm made the revelation via an official Tuesday filing without offering any specific information as to what form these prospective ventures might take.
Bloomberry Resorts Corporation is responsible for Manila’s 800-room Solaire Resort and Casino but has purportedly been forced to close this facility’s gaming floor and hotel until at least the end of the month so as to help the Philippines stop the spread of a coronavirus strain that has so far killed 335 locals. The firm has reportedly faced similar difficulties in South Korea where its Jeju Sun Hotel and Casino venue has reportedly been shuttered ‘until further notice’ as that nation struggles to head off a second wave of the highly-infectious ailment.
Reportedly read the filing from Bloomberry…
“Bloomberry Resorts Corporation announces its intent to make additional future investments in the interest of enhancing shareholder value. Bloomberry Resorts Corporation’s future investments will be considered within a broader universe of possible opportunities that include gaming, hospitality and other non-gaming assets.”
However, the casino firm headed by Filipino billionaire Enrique Razon reportedly used the update to additionally proclaim that it currently does not have ‘any particular investments or acquisitions that are under imminent consideration’ and would not be making ‘any investment-related announcements in the near-term.’
GGRAsia reported that the coronavirus-related closures followed a successful spell for Bloomberry Resorts Corporation as the firm saw its consolidated net profit for the twelve months to the end of March increase by around 37.5% year-on-year to reach approximately $195.63 million. The firm purportedly used the filing to declare that this fruitful result had come despite the incurrence of ‘foreign exchange losses and higher interest expenses’ and been helped by a 22% rise in aggregated net revenues to slightly over $920.88 million.