• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Bloomberry posts net loss for full year 2015

Apr 18, 2016 Newsdesk Latest News, Philippines, Top of the deck  


Bloomberry posts net loss for full year 2015

Asian casino investor Bloomberry Resorts Corp posted a net loss in the year ending December 31, it said in a filing to the Philippine Stock Exchange on Friday.

The loss was PHP3.36 billion (US$72.8 million), compared to net profit of PHP4.07 billion in the year-prior period.

The firm developed and operates Solaire Resort and Casino (pictured) in Manila, the Philippines capital. It also operates Jeju Sun Hotel and Casino on Jeju Island in South Korea.

The firm said in its filing: “While [the] Philippine operation’s net revenues increased for the 12 months of 2015 by PHP715.3 million [to PHP24.84 billion], total expenses increased 40.1 percent to PHP25.21 billion… resulting in loss before taxes of PHP368.9 million, or 1.5 percent of net revenue for the 12 months ended December 31, 2015 compared to [a profit before tax of] PHP6.48 billion or 26.9 percent of net revenue for the same period last year.”

The firm added, referring to the country’s gaming regulator, the Philippine Amusement and Gaming Corp, known as Pagcor: “As a result of the Pagcor tax configuration, the net provision for the 12 months was PHP2.01 billion representing an effective income tax rate of negative 544.4 percent of income before tax compared to PHP2.41 billion in the prior year at an effective rate of 37.2 percent. As a result of these factors Philippine operations incurred a net loss of PHP3.37 billion [including non-controlling interests] for the 12 months compared to net income of PHP4.07 billion in the prior year.”

Earnings before interest, taxation, depreciation and amortisation nearly halved, to PHP5.18 billion, from PHP10.03 billion in the year-prior period, but return on equity was roughly stable, at 15.49 percent, compared to 15.86 percent in the prior year period.

Provision for doubtful accounts rose nearly threefold at nearly PHP2.57 billion, compared to PHP679.66 million in the year-prior period.

The company said: “The group evaluates provision for doubtful accounts based on a specific and collective review of customer accounts as well as experience with collection trends in the gaming industry and current economic and business conditions. The higher provision is attributable to a higher level of outstanding receivables.”

Bloomberry Resorts said – referring to events outside the reporting period – that a “freeze” order imposed on March 15 by the Philippine Court of Appeals on one of the bank accounts of the company’s unit Bloomberry Resorts and Hotels Inc, had been due to be automatically lifted on April 14.

“The “30-day freeze order on one of Bloomberry Resorts and Hotels bank accounts [was] upon the petition filed by Anti-Money Laundering Council in relation to their ongoing investigation,” said parent Bloomberry Resorts, referring to an inquiry by the Philippine authorities into alleged laundering via some casinos of funds stolen from the central bank of Bangladesh.


  • tweet
Related articles
  • China demand a boon to S.Korea casinos: brokerage
    China demand a boon to S.Korea casinos:...

    Mar 14, 2023  

  • Annual net casino sales double y-o-y at Jeju Dream Tower
    Annual net casino sales double y-o-y at...

    Mar 14, 2023  

More news
  • Nagasaki governor says Credit Suisse sale may affect IR plan
    Nagasaki governor says Credit Suisse...

    Mar 21, 2023  

  • Hann Casino says taps underserved Manila rich, foreigners
    Hann Casino says taps underserved...

    Mar 21, 2023  


Latest News

Nagasaki governor says Credit Suisse sale may affect IR plan

Nagasaki governor says Credit Suisse sale may affect IR plan

Mar 21, 2023  

Nagasaki governor Kengo Oishi, who last year described Credit Suisse Group AG as one of several potential “financial arrangers” for a proposed casino resort project within that Japanese...
Read More
Hann Casino says taps underserved Manila rich, foreigners

Hann Casino says taps underserved Manila rich, foreigners

Mar 21, 2023  

Tracey Winslow named TransAct global chief revenue officer

Tracey Winslow named TransAct global chief revenue officer

Mar 21, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The [Macau] month-to-date run-rate represents an approximately 45-percent recovery versus pre-Covid-19 levels for headline gross gaming revenue”

DS Kim and Mufan Shi

Analysts at brokerage JP Morgan Securities



Most Popular

  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Macau visitor tally up 14pct m-o-m in FebruaryMacau visitor tally up 14pct m-o-m in February March 17, 2023
  • LET Group flags 2022 loss of US$52mln, Hoiana repays loanLET Group flags 2022 loss of US$52mln, Hoiana repays loan March 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us