GGRAsia – Solaire operator posts profit in Q1

Solaire operator posts profit in Q1

May 06, 2014 Newsdesk Latest News, Philippines

Bloomberry Resorts Corp, the operator of Solaire Resort and Casino, said it turned in a profit in the first quarter. The casino operator reported a net profit of 1.46 billion pesos (US$32.78 million) from January to March, it said in its financial report.

It was a turnaround from the 1.06-billion-peso loss in the same period last year. Bloomberry opened the US$1.2-billion Solaire on Manila Bay on March 16, 2013. The casino only operated for “14.5 days in the first quarter of 2013”, the company said in a statement.

Gaming continued to generate the bulk of the company’s revenues at 95.7 percent of the total. Gross gaming revenues in the first three months of 2014 amounted to 7.06 billion pesos, surpassing the fourth quarter of 2013 by approximately 27 percent.

“It is significant that we were able to turn a profit after only a year of operation,” Enrique Razon Jr., Bloomberry chairman and chief executive, said.

Bloomberry announced in September last year that it had terminated the management contract of Global Gaming Asset Management for a breach of contract. The dispute was referred to international arbitrators in Singapore.

“This is proof positive that the group, without a third-party management company, has the ability and the acumen to manage an integrated resort,” Mr Razon said in the statement.

Solaire was the first of four billion-dollar casinos to rise on Manila Bay as part of the government’s bid to become Asia’s third major gambling centre alongside Macau and Singapore.