Bloomberry to reward loyal Solaire patrons with shares
The board of directors of Bloomberry Resorts & Hotels has approved the purchase of 1.94m shares of Bloomberry Resorts Corporation.
The Philippines.- Bloomberry has announced that the board of directors of its subsidiary Bloomberry Resorts & Hotels has approved the acquisition of 1.94m shares of Bloomberry Resorts Corporation through the Stock Market at market price tobe given as a reward to Solaire’s loyal patrons and as part of Solaire’s marketing programme.
The value of the shares at the time of purchase ranged from PHP7.50 to PHP7.70 per share for a total investment of PHP14,887,111 (US$263,000).
The company has reported net income of PHP1.3bn (US$23.4m) for the first half of the year, down 61 per cent year-on-year. Gross gaming revenue (GGR) was PHP14.5bn (US$261m), down 4 per cent year-on-year. Consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) was PHP3.6bn (US$64.8m), down 33 per cent when compared to the second quarter of 2023.
Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “Despite our weaker consolidated year-over-year performance, I am pleased to report that Solaire Resort North recorded positive EBITDA of PHP250m in its first 37 days of operations. We are in the early stages of the property’s ramp-up and are happy with the pace, especially as we compare it to the ramp-up of Solaire in Entertainment City over 11 years ago. As revenues at our second property grow, we anticipate further synergies and positive operating leverage to contribute to our group’s profitability in the coming quarters.”
