Bloomberry Resorts Corp., operator of $1.2-billion Solaire and Resort Casino, returned in the red in 2015 after registering a net loss of P3.37 billion from a P4.07-billion net profit in 2014 as expenses grew faster than revenues.
Bloomberry said in a disclosure to the stock exchange revenues rose seven percent to P34.35 billion from P32.11 billion in the previous year.
Expenses, however, climbed 51 percent to P26.66 billion from P17.64 billion in 2014 as the company set aside from large provisions for bad debt, the first-time consolidation of its Korean operations and the full-year impact of the additional costs associated with start-up operations of the Sky Tower in Solaire.
“During the year in review, we accomplished much, refurbishment and subsequent re-opening of our first overseas property and the start-up of our first Philippine expansion, the Sky Tower. These projects may have taken a toll on earnings, but were nevertheless essential to ensure continued growth for the company,” Bloomberry chairman and chief executive Enrique Razon Jr. said.