Mere hours ago, Bloomberry Resorts Corporation, a leading company on the Asian gambling market and in the Philippines in particular, revealed information about its financial performance during the previous year.
The company manages the Solaire Resort & Casino that takes pride in being a widely recognised one. According to the numbers revealed by the company, the net income for 2014 reached the overwhelming sum of P4.07 billion or $90.95 million. Those who keep themselves informed about company’s financial condition remember that the year before was dramatic for Bloomberry Resorts as a net loss totaling P1.31 billion or $29.26 million was reported.
As for the revenues generated from non-gambling activities, they amounted to P1.071 billion ($23.9 million). Gross gaming revenue reached P30.387 billion or $678.89 million, which was defined by market analysts as a record growth. In other words, the gaming revenues jumped by 103%, while the non-gambling activities saw an increase of 39%.
As far as the retained earnings of Bloomberry Resorts are concerned, they amounted to P1.55 billion ($34.6 million). The impressive numbers are the expected result from the efforts made towards stabilizing company’s profitability. In comparison, at the beginning of 2014, company’s deficit was P2.489 billion ($55.6 million).
Enrique Razon Jr., who is taking the positions of a Chairman and President of Bloomberry, commented on the record increase and said that company members are delighted by this accomplishment. He went on to say that Bloomberry executives managed to deal with all financial obstacles within two years and successfully expanded their business.
As for the net gaming revenues, they increased 99% YOY to reach P22.849 billion ($510.42 million). During 2013, the numbers reported were P11.464 billion ($256.09 million).
The last quarter of the previous fiscal year was the most profitable for the company as during that time the gaming revenue reached the highest levels.
The record revenue increase was attributed to the effort made for consolidating company’s positions on the Asian market by hosting various events and providing lucrative promotions.
One of the most popular sites the company is associated with is the Sky Tower, which had its grand opening back in November 2014. Actually, that was just the first phase of the opening of the mega property but it had a great contribution to the increased revenues.
Bloomberry set eyes on the neighboring countries and targeted South Korea for a country where they will become available.
