Bloomberry Resorts warns of fraudulent ads

Bloomberry Resorts has issued a warning about fake online ads misusing Enrique K. Razon Jr.’s name and image.

The Philippines.- Bloomberry Resorts has issued a press release warning people that unauthorised online ads are circulating on social media platforms using the name and image of Bloomberry and ICTSI chairman Enrique K. Razon Jr to promote investment schemes. The company said the ads are fraudulent and have no connection to ICTSI or Razon.

Some of the ads claim endorsements from credible organisations, including news outlets such as ABS-CBN, in an attempt to appear legitimate.

Bloomberry Resorts said: “We strongly urge the public to exercise caution and refrain from engaging with these ads. Verify the source: Ensure that any information or promotion claiming to be from ICTSI originates from our official channels. Report suspicious ads: Notify the social media platform of fraudulent content and flag misleading claims involving legitimate organizations. Do not provide personal or financial information: Avoid sharing sensitive details online.

“ICTSI remains committed to ethical and transparent business practices. Stay vigilant and join us in combating fraud.”

Bloomberry Resorts posts net loss of US$8m for Q3

For the third quarter of the year, Bloomberry reported a net loss of PHP470.2m (US$8m), compared with a PHP1.95bn profit a year earlier and a profit of PHP1.3bn (US$23.4m) in the second quarter of the year.

The net loss was a result of lower EBITDA and higher depreciation and amortisation and interest expense associated with Solaire North. Consolidated EBITDA was PHP4.06bn (US$69m), down 3.44 per cent when compared to the third quarter of 2023 but up 11.5 per cent sequentially.

Gross gaming revenue (GGR) was PHP16.3bn (US$278m), up 22 per cent year-on-year, driven by Solaire Resort North’s first full quarter of operations. Non-gaming revenue was PHP2.7bn (US$45.9m), an increase of 22 per cent in year-on-year terms. Net revenue was PHP13.67bn (US$232.5m), down 27.2 per cent year-on-year.

GGR at Solaire Resort was PHP12.6bn (US$214.3m), down 5 per cent year-on-year due to lower volumes in the VIP, mass tables and EGM segments. Solaire’s VIP rolling chip volume and mass table drop were PHP109.8bn (US$1.87bn) and PHP10.5bn (US$178.6m), representing year-on-year declines of 25 and 24 per cent, respectively. The property’s electronic gaming machine segment recorded a 7 per cent year-on-year decrease in coin-in.

VIP GGR was PHP3.6bn (US$61.2m), down 10 per cent year-on-year, while mass table GGR was PHP4.5bn (US$76.5m), up 9 per cent. EGM GGR was PHP4.5bn (US$76.5m), down 13 per cent year-over-year. Non-gaming revenue was PHP1.9bn (US$32.3m), down 11 per cent. Net revenue was PHP10.2bn (US$173.6m), down 5 per cent. The venue generated EBITDA of PHP3.6bn (US$61.2m), down 18 per cent in year-on-year terms.

Solaire Resort North posted GGR of PHP3.7bn (US$63m). Non-gaming revenue was PHP714.6m (US$12.1m). VIP rolling chip volume was PHP2.2bn (US$37.4m) while mass table drop was PHP6.4bn (US$108.8m). EGM coin-in was PHP30.2bn (US$513.6m). The venue generated EBITDA of PHP660m (US$11m).