Solaire operator's net income falls due to expenses

Bloomberry Resorts Corp., which runs Solaire Resort & Casino, announced a drop in its profits for 2024. The company's consolidated net income fell to P2.6 billion, a significant decline from P9.5 billion in 2023. This decrease is attributed to higher depreciation and interest expenses. Despite the profit decline, Bloomberry reported an increase in gross gaming revenue (GGR). The GGR rose by 6% to P61.7 billion, compared to P58.3 billion in the previous year. The company faced a one-time gross receipts tax (GRT) charge of P706.3 million related to a refinancing deal. In the fourth quarter alone, Bloomberry suffered a net loss of P920.2 million, contrasted with a net income of P1.3 billion for the same period in 2023. However, the GGR for this quarter increased by 17% to P16.2 billion. Chairman and CEO Enrique Razon Jr. noted that the newly opened Solaire Resort North helped boost overall GGR. This new facility, which opened in May, generated P8.4 billion in its first 221 days and is attracting more visitors in the Greater Manila Area. Solaire North is helping Bloomberry strengthen its position in the market.