BLOOMBERRY Resorts Corp. narrowed its net loss in the second quarter as higher gaming revenue and tighter cost controls boosted earnings from casino operations.
The company on Friday reported a consolidated net loss of P345.3 million, lower than the P1.4 billion posted last year.Gross gaming revenue (GGR) rose 15 percent year on year to P16.4 billion, while net revenue increased 11 percent to P14.1 billion. Consolidated earnings before interest, taxes, depreciation and amortization climbed 35 percent to P3.4 billion from P2.5 billion.Bloomberry Chairman and CEO Enrique Razon Jr. attributed the improvement to stronger hold rates across gaming operations and cost management, although demand in the VIP and premium mass segments remained weak.“We delivered GGR growth in the second quarter, supported by stronger hold rates across our gaming operations. However, underlying demand in the VIP and premium mass segments remained soft,” Razon said.Cash operating expenses increased 5 percent to P10.7 billion, with higher taxes and licenses, salaries and benefits, and software and hardware maintenance costs accounting for most of the increase.At Solaire Resort Entertainment City, GGR rose 18 percent to P11.5 billion, driven by stronger hold rates across gaming segments.VIP GGR jumped 81 percent to P2.6 billion as VIP rolling chip volume increased 12 percent to P71.3 billion and the VIP hold rate rose to 3.61 percent from 2.23 percent a year earlier.Mass table GGR increased 8 percent to P4.2 billion despite a 4-percent decline in mass table drop, while electronic gaming machine GGR rose 6 percent to P4.7 billion.For the first half, Bloomberry reported a net loss of P470.3 million compared with net income of P1.9 billion a year earlier.Consolidated GGR was flat at P31.1 billion, while net revenue increased 1 percent to P27.2 billion.Razon said the company would continue to focus on cost optimization while expanding its digital gaming business.“As we look ahead, we remain focused on disciplined execution. Alongside continued cost optimization, we are advancing our digital strategy with the recent commercial launch of FUNaloMax on our proprietary platform which will be joined by Solaire Online on the same platform in the coming weeks,” he said.Bloomberry’s share price rose by 31 centavos to close at P2.38 on Friday.
