Bloomberry reports 26% profit jump on loan refinancing

Bloomberry Resorts Corp. reported a 26% increase in first-quarter net income, reaching P3.3 billion, due to a P2.9 billion one-time gain from refinancing a P40 billion syndicated loan facility.

Excluding the gain, the company's core net income fell by 83% to P445.8 million.

Gross gaming revenue rose 14% to P16.8 billion, driven by the ramp-up of Solaire Resort North.

Solaire North's mass market segment grew 29% year-on-year, contributing P1.1 billion to consolidated EBITDA.

Net revenue increased 15% to P14.4 billion, and non-gaming revenue jumped 35% to P3.0 billion.

Cash operating expenses increased 32% to P10.0 billion, largely due to Solaire North's ongoing operations.

The company made no provisions for bad debt.

Bloomberry Chairman and CEO Enrique K. Razon Jr. noted that Solaire Entertainment City's performance was impacted by softness in gaming volumes from slow VIP play and the POGO ban.