Earnings of Bloomberry Resorts Corp slumped by 17% in the second quarter of 2018, as the company incurred losses from its operations in South Korea coupled with foreign exchange losses.
In a regulatory filing, the listed casino operator said net income attributable to the parent slipped to P1.64 billion in the April to June period, lower than the P1.97 billion it generated in the same period a year ago. Revenues reached P10.6 billion, 7.7% higher year-on-year.
Bloomberry attributed the decline to a net loss of P513 million from Jeju Sun Hotel & Casino, in addition to P387 million in foreign exchange losses. Profit from the Solaire Resort & Casino along the Bay Area was also flat at P2.129 billion.
The company also said expenses went up by 14% during the quarter, counting gaming taxes, employee related expenses, outside services and charges, and additional interest expense from its new syndicated loan which was used to pay off previous debt facilities and to acquire Solaire’s expansion area in Entertainment City from the Philippine Amusement and Gaming Corp. — Arra B. Francia