Bloomberry Resorts Corp’s net gaming revenue was up 34.9 per cent year-on-year to PHP6.28bn in the first quarter of 2022.
The Philippines.- Casino operator Bloomberry has shared its financial results for the first quarter of the year, recording positive net earnings for the first time in eight quarters. The company posted a rise in net gaming revenue to PHP6.28bn, up 34.9 per cent year-on-year.
Consolidated net revenue was up 9.1 per cent quarter-on-quarter from PHP6.6bn to PHP7.20bn (US$137.4m). When compared to the previous year, net revenue was up 30.4 per cent.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 100.1 per cent year-on-year to PHP2.86bn. The company had reported consolidated EBITDA of PHP1.9bn for the fourth quarter.
Enrique K. Razon Junior Bloomberry chairman and CEO, said: “Our gross gaming revenues increased by 30 percent while consolidated EBITDA doubled year-over-year.
“For the first time in eight quarters, we recorded positive net earnings on growth driven by our domestic mass gaming segment. Business and pandemic conditions permitting, we look to sustain the recovery for the rest of the year.”
The company also reported net income attributable to the owners was PHP686.7m in the first quarter of the year, versus a loss amounting to PHP771.2ma year earlier.
Bloomberry signs non-binding agreement with PH Travel and Leisure Corp
As previously reported by Focus Gaming News, Bloomberry Resorts Corporation has announced it has signed a non-binding agreement (term sheet) with PH Travel and Leisure Corp. (PHT).
The company plans to invest in Lapulapu Leisure, which is developing the Emerald Bay Resort Hotel and Casino in Punta Engano, Lapu-Lapu City, Cebu, and Clark Grand Leisure Corp, which is developing The Base Resort Hotel and Casino in Clark in Pampanga.
According to Bloomberry, the term sheet is subject to several conditions including the execution of mutually acceptable definitive agreements, the approval of regulators and creditors, the completion of audited financial statements, corporate approvals, and cooperation on due diligence, among others.
Last October, PH Resorts pushed back the launch date for Emerald Bay, mainly due to the Covid-19 pandemic. It now hopes to launch the first phase of the IR by the first quarter of 2023 instead of the third quarter of 2022.