Bloomberry Resorts Corp reported a net loss for the second quarter of 2015, just like it did for the first three months of the year. This operator is best known as the owner of Solaire Resorts and Casino in Manila, the Philippines.
The group’s results for April, March and June revealed a net loss of around PHP773.54 million ($16.75 million), which is lower than the net gain of approximately PHP846.60 million in the same period last year. However, the revenues for this period of three months grew for 9.4% y-o-y to PHP5.99 billion, just like the operating costs that increased for 47.2% to PHP5.61 billion. If all other items are included in the list, then the costs of the company reach PHP6.27, which is a jump of 58.7% compared to the second quarter of 2014.
Bloomberry Resorts, however, stated that the growth of costs was due to the acquisition of Jeju Sun Hotel and Casino in South Korea as well as a result of the opening of Solaire Sky Tower. In May, 2015, Bloomberry Resorts took over 96.23% stake of Golden and Luxury Co Ltd via its subsidiary Solaire Korea Co Ltd. Golden and Luxury Co Ltd is known as the operator of Jeju Sun on the holiday island Jeju in South Korea. The casino is being renovated and hence its operation is currently suspended.
The group also revealed its plans to invest more than $1 billion in a brand new South Korea casino resort complex. All of this information was provided in Thursday’s filing when Bloomberry Resorts reported gross gaming revenue of PHP7.49 billion for the second quarter of 2015. This is a better number than the one reported this period last year which was a bit lower PHP6.90 billion. Another positive result for Bloomberry Resorts was noted in the rebates for VIP guests and junket operations that reached PHP2.01 billion thanks to the 15.5% y-o-y growth.