Two senior managers in roles related to table games business at Philippines casino developer Bloomberry Resorts Corp have resigned with effect from Thursday.
The departing executives are Lorraine Koo Mann Loo, formerly senior vice president for VIP services, and Heather Scheibenstock, formerly senior vice president, table games. Both are said to be leaving “to pursue other endeavours”.
A filing on Monday to the Philippine Stock Exchange said the firm’s board accepted their resignations on December 29.
Bloomberry Resorts built and manages Solaire Resort and Casino (pictured) in Manila, which opened in March 2013. In November 2014 the property opened its Sky Tower, with 66 VIP gaming tables and 223 slot machines.
Bloomberry Resorts – which also has a majority stake in Jeju Sun Hotel and Casino, on South Korea’s southern holiday island Jeju – reported a net loss amounting to PHP189.5 million (US$4.1 million) for the third quarter of 2015, compared to a profit of PHP991.7 million a year earlier. But the firm said its Philippine operations recorded PHP281 million in net profit for the three months to September 30.
Enrique Razon, chairman and chief executive of Bloomberry Resorts, in October told Bloomberg News that the firm’s earnings were expected to improve even as the company was planning what it termed “provision” by year-end 2015 for non-payment of credit that had been extended to some VIP and premium players.
Bloomberry Resorts made a PHP1.81-billion provision in the first half of 2015 for PHP4.69-billion of receivables, the media outlet reported.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia