Bloomberry Resorts Corp., operator of Solaire Resorts and Casino, said net income in the second quarter of 2018 fell 17 percent to P1.63 billion from P1.96 billion year-on-year.
Bloomberry attributed the decline in the second quarter to a P513-million net loss from Korea operations under Jeju Sun Hotel & Casino and higher interest expenses.
Bloomberry said in a disclosure to the stock exchange consolidated gross gaming revenues rose one percent in the second quarter of the year to P12.38 billion from a year ago and 10 percent lower on quarter-on-quarter.
Despite the weak second quarter performance, Bloomberry’s first half consolidated net income reached P5.3 billion, up 29 percent from P4.11 billion in the first six months of 2017.
Consolidated gross gaming revenues in the first half stood at P26.13 billion, up 14 percent year-on-year, driven by the strong growth in mass segments’ volume and higher hold rates across all gaming segments.