Latest news with #Bloomberry
GMA Network
6 days ago
- Business
- GMA Network
Bloomberry H1 net income down 52%
Bloomberry Resorts Corp., the operator of Solaire Resorts, on Wednesday reported a 52% decline in its net income for the first half of the year, dragged by the continued weakness of its operations in Entertainment City. 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 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 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.
Bloomberg
03-07-2025
- Business
- Bloomberg
Philippine Gambling Stocks Plunge as Bill Seeks Online Curbs
Philippine gambling-related stocks extended recent steep losses Thursday as concerns grow over potential new legislation to curb online gaming in the Southeast Asian nation. Shares of leader DigiPlus Interactive Corp. tumbled by as much as its 30% daily limit, on volume more than eight times the three-month average. Integrated casino-resort operator Bloomberry Resorts Corp., a new entrant in domestic e-games, slid as much as 12%. Both more than halved those intraday losses by the close but have dropped every day this week.
The Star
09-06-2025
- Business
- The Star
Billionaire Razon enters Philippines' booming online gambling platform
A photo taken on Sept 16, 2016, shows billionaire Enrique Razon, chairman of International Container Terminal Services Inc and Bloomberry Resorts Corporation, during an interview in Manila. -- PHOTO: BLOOMBERG MANILA (Bloomberg): Tycoon Enrique Razon's Bloomberry Resorts Corp. launched its online casino platform in the Philippines' booming internet gambling sector, taking aim at market leader DigiPlus Interactive Corp. Revenue from electronic games overtook those from large brick-and-mortar casinos for the first time in the Philippines last year, marking a shift in Asia's second-largest gambling hub, according to the nation's gaming agency. Bloomberry's gaming site is accepting bets of less than $1 for games such as slots, baccarat and roulette, as the company targets mass consumers. Razon, with a net worth of $11.3 billion according to Bloomberg's Billionaires Index, told stockholders in April that his online gaming foray would diversify the company's revenue streams. Bloomberry runs two integrated resorts in the metropolitan Manila region under the Solaire brand, and a casino in Jeju in South Korea. Bloomberry shares rallied as much as 18.8% on Monday, marking its largest intraday gain in more than six weeks and making it the top-performer among Philippine blue chip stocks. While the Southeast Asian nation's expanding online gaming market has room for another player like Bloomberry, the company will face tough competition from entrenched DigiPlus. "Competing with DigiPlus, an established player with 40 million registered users, presents notable challenges for Bloomberry,' said Toby Allan Arce, an analyst at Globalinks Securities & Stocks Inc. in Manila. DigiPlus attracted 40 million registered users in 2024, double its 2023 numbers, according to the company. It is already looking at other markets after securing a license in Brazil, where the company will offer sports betting. It is also setting up a Singapore unit to drive international growth. -- ©2025 Bloomberg L.P.
