Bloomberry swung to profit in 1st quarter

Casino operator Bloomberry Resorts Corp. said Friday first-quarter income reached P679.4 million, a reversal from the P780.8-million net loss it incurred in the same period last year amid easing mobility restrictions.

Bloomberry said in a disclosure to the stock exchange consolidated net revenues went up by 30 percent to P7.2 billion on higher revenues from mass gaming segment.

Gross gaming revenues at Solaire Resorts & Casino rose 30 percent year-on-year to P8.9 billion.

“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,” Bloomberry chairman and chief executive Enrique Razon Jr. said.

“If travel constraints among Asian jurisdictions continue to ease, then we may see operations at Solaire ramp up further in the coming quarters. However, should COVID-19 cases surge anew, Bloomberry remains equipped to handle a return to tighter restrictions,” Razon said.