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Bloomberry's Razon optimistic for 2016

The anticipated high rollers entering the Philippines will still mainly come from Southeast Asia, not China, news website Rappler reports.

"Our high rollers in the past two years did not come from China. They come mainly from Southeast Asia. They are still around…that will still continue,"  Bloomberry Resorts CEO Enrique Razon Jr said in an interview with Rappler, as the casino operator narrowed its losses in the third quarter of 2015 on the back of improving Philippine operations.

The owner and operator of Solaire Resort & Casino and Jeju Sun Hotel and Casino reported a net loss of P189.48 million ($4.04 million) in the third quarter – a turnaround from the net profit of P991.67 million in the same period last year.

The third quarter bleeding was smaller than the P787-million loss booked in the second quarter, thanks to the profitable operations at Solaire, Bloomberry said.

These third quarter results boosted Bloomberry's 9-month revenues to P19.42 billion ($414.42 million), up 14.4% from P16.975 billion ($362.25 million) in the same period last year.

Razon said in the interview that the company’s  prospects appear brighter as investments begin to bear fruit.

"Our investments in the Sky Tower are beginning to show returns. Given the improvement in Philippine operations and the opening of a new revenue stream, we are hopeful that returns will continue to gain higher ground," Bloomberry Chairman and CEO Razon said in a disclosure on Tuesday.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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