Bloomberry H1 net income down 52%
The company reported a consolidated net income of P1.9 billion in the first half, down from P4.0 billion in the same period last year. Consolidated gross gaming revenue (GGR) grew by 6% to P31.1 billion, impacted by continued weakness in the VIP and premium mass segments.
For the second quarter alone, Bloomberry reported a P1.4-billion consolidated net loss, reversing the P1.3-billion net income for the same period last year. GGR for the quarter fell 1% to P14.3 billion.
'It was a challenging second quarter for Bloomberry as softness persisted in Solaire Entertainment City's VIP and premium mass segments,' Bloomberry chairman and chief executive officer Enrique Razon said in an emailed statement.'However, Solaire North saw further growth as mass gaming volumes and non-gaming revenue increased over the previous quarter. The gains in our second property contributed to the performance of our Metro Manila mass gaming and non-gaming revenue which rose 18% and 37% year-over-year, respectively,' he added.Broken down, Solaire Resort Entertainment City posted a 27% decline in its GGR to P9.8 billion in the second quarter. Solaire North grew its GGR to P4.5 billion from P1.1 billion, while Jeju Sun Resort & Casino saw its GGR decline to P33.2 million from P35.7 million.Shares in Bloomberry were last trading at P3.29 apiece, down by P0.310 or 8.61% from last Tuesday's finish of P3.60 per share.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
a day ago
- GMA Network
COA orders fraud audit on Bulacan flood control projects
The Commission on Audit (COA) has ordered a fraud audit of the flood control projects in the Bulacan province, which was hit by the recent floods, in a bid to seek accountability for failed projects across the country. Under a memorandum ordered by COA chairperson Gamaliel Cordoba, all supervising auditors and audit team leaders of the Department of Public Works and Highways (DPWH) District Offices in Region 3 are mandated to submit all relevant documents necessary for the fraud audit. They are also ordered to ensure their availability to assist the fraud audit teams at any time during the audit. 'Given the critical issues raised by President Ferdinand R. Marcos Jr. regarding the implementation of these projects, particularly in the Province in Bulacan, a fraud audit is an immediate and unequivocal necessity,' COA said in a memo issued on August 12. The order covers flood control projects of the Department of Public Works and HIghways (DPWH) in the province, which received P44 billion for flood control projects, accounting for the biggest share of funding in Region 3 with 45%. According to Cordoba, the audit is in line with President Ferdinand 'Bongbong' Marcos Jr.'s move to investigate alleged anomalies in the government's flood control programs amid persistent flooding across the country. This comes as Marcos during his State of the Nation Address (SONA) last July, warned government personnel who steal public funds — such as those for flood control projects — to have some shame. Just last week the President launched the website on flood control projects. He said 20% of the P545-billion budget for flood control projects was awarded to only 15% of contractors, five of whom have contracts across the country. He is also seeking explanation from St. Timothy Construction Corp. regarding its supposed failed flood control project in Calumpit Bulacan, which was hit by floods, with residents of several barangays forced to wade through floodwater for at least two weeks. — Jon Viktor Cabuenas/RF, GMA Integrated News
GMA Network
3 days ago
- GMA Network
Senate's proposed 2026 budget slashed by nearly half at P7.5 billion
The Senate has a proposed budget of P7.5 billion for next year under the National Expenditure Program (NEP)—a far cry from its P13.9-billion budget for 2025. Based on the 2026 NEP submitted by the Department of Budget and Management (DBM), the upper chamber initially proposed a P9.67-billion budget for 2025, but it was reduced to P7.52 billion upon final recommendation. The Senate received a P13.93-billion budget under the 2025 General Appropriations Act (GAA). The upper chamber's proposed 2026 budget was almost equally divided for its maintenance and other operating expenses (MOOE) and personnel services, amounting to P3.77 billion and P3.74 billion, respectively. No budget was allocated for the Senate's confidential, intelligence, and extraordinary expenses as in previous years. There was also zero allocation for its capital outlays on the 2026 NEP. The DBM on Wednesday afternoon turned over the copy of the P6.793-trillion 2026 NEP to the Senate, which was personally received by Senate President Francis "Chiz" Escudero. On the same day, the Senate adopted in the plenary Senate Concurrent Resolution No. 4, subject to style, which seeks to establish transparency and accountability in the passage of the national budget. The concurrent resolution mandates that budget documents such as the General Appropriations Bill (GAB), Bicameral Conference Committee Report, and transcripts of bicam meetings be uploaded on both the websites of the Senate and the House of Representatives. It also provides that both Houses of Congress ensure that all budget deliberations, including budget briefings, public hearings, plenary discussions, and bicameral conference committee meetings be accessible to the public via digital live streaming. The public will likewise be given a platform on the websites to communicate their analyses, suggestions, and feedback on the national budget. — VDV, GMA Integrated News
GMA Network
3 days ago
- GMA Network
Poor planning, not climate change sinking Metro Manila —urban planner Palafox
Metro Manila's annual floods are often blamed on climate change — but for architect and urban planner Felino 'Jun' Palafox Jr., it's just an easy excuse masking decades of government inaction. 'Climate change is real. But it is not the main reason Metro Manila is underwater every year,' Palafox said. 'If we had acted on the plans we've had since the 1970s, our cities would be far more resilient today, even with stronger storms," he said. Palafox, whose four-decade career spans 45 countries and more than 1,700 projects, said the worsening floods are a man-made disaster, driven less by nature than by political short-sightedness. He estimates there are at least 150 flood control recommendations — prepared by local and international experts — that remain unimplemented. Shelved solutions Among the most prominent is the Parañaque Spillway, a project first included in the Metro Manila Flood Control Master Plan in the 1970s. Designed to channel excess water from Laguna Lake to Manila Bay during heavy rains, it would have prevented the backflow that inundates Marikina, Pasig, Taguig, and other lakeshore communities. 'It's been in every master plan for 50 years,' Palafox said. 'But it was never built. Instead, we keep studying the same problem while people suffer the same floods.' Another abandoned initiative was the Laguna Lake Rehabilitation Project with a Belgian firm. It aimed to dredge the lake by half a meter, restoring its floodwater storage capacity and reducing siltation from surrounding rivers. The Aquino administration canceled it in 2010, leading to a P1-billion penalty after the Philippines lost in international arbitration, and no alternative project was pursued. Other countries moved, PH stalled Palafox said the non-implementation of the flood control programs was not a question of technical capacity. In the Netherlands, the Delta Works system of polders, dikes, and surge barriers has kept low-lying land dry for decades. Japan's Metropolitan Area Outer Underground Discharge Channel — a 6.3-kilometer network of tunnels with cathedral-like underground tanks — diverts typhoon floodwaters away from Tokyo. Closer to home, Vietnam has invested in large-scale flood control canals in Ho Chi Minh City, while Thailand manages monsoon flows through the Chao Phraya Dam system. 'These countries didn't wait for perfect conditions,' Palafox said. 'They started building. That's why they're ahead of us.' In the Philippines, Palafox says, the real obstacle is political discontinuity. Flood control projects often require 10 to 15 years to complete — far beyond a president's six-year term. 'That's the problem — we plan for six years, not for the next generation,' he said. 'Flood control doesn't get ribbon-cutting ceremonies. It's mostly underground, invisible. So politicians don't prioritize it.' The result: Metro Manila still depends on 1970s-era pumping stations, narrow and silted rivers, and a drainage network overwhelmed by rapid urban sprawl. Natural floodplains have been paved over for development, while informal settlements block critical waterways. The cost of delay With climate change intensifying storms, the stakes are rising. Typhoons Ondoy (2009), Ulysses (2020), and Carina (2024) displaced millions, killed hundreds, and caused tens of billions of pesos in damage. Even moderate rains now trigger flash floods, crippling transportation and commerce. 'Every year we delay, we pay the price — in lives lost, property destroyed, and businesses disrupted,' Palafox warned. 'Climate change is a factor, but our failure to prepare turns storms into disasters.' Palafox then called for legislation that would protect long-term infrastructure plans from being scrapped by succeeding administrations. He also urged the immediate revival of completed feasibility studies for flood control, drainage improvement, and urban water management. 'We cannot control the rain,' he said. 'But we can control how prepared we are. Stop using climate change as an excuse. Start building what we've been planning for 50 years," he added.—LDF, GMA Integrated News
