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Costs related to the opening of its newest project and fewer patrons frequenting casinos gutted the nine-month net income of listed Bloomberry Resorts Corp. by 57.83 percent to P3.5 billion.
In a stock exchange filing on Wednesday, Bloomberry said its revenues had reached P38.5 billion, up by 6 percent versus the same period last year.
The decline stemmed from Bloomberry’s P470-million net loss in the third quarter alone, coming from a year-ago net income of P1.9 billion, due to higher depreciation and interest expenses at Solaire Resort North in Quezon City, its newest casino that was opened in May.
Bloomberry chair and CEO Enrique Razon Jr. likewise noted that gaming volumes had declined at the Philippine Amusement Gaming Corp.
