Bloomberry Resorts' losses double to $29M in 2013
CLIFF HARVEY C. VENZON, Nikkei staff writer
MANILA -- Philippine casino operator Bloomberry Resorts remained in the red in 2013 due to mounting expenses associated with high operating costs and interest payments, the company said in a financial statement released Monday.
The company posted a net loss of 1.315 billion pesos ($29 million), nearly double the previous year's loss of 687 million pesos.
Bloomberry booked revenues of 12.343 million pesos, but expenses jumped to 13.50 billion pesos, up 14 times from 951.98 million pesos in 2012.
The company operates the $1.2 billion Solaire Resorts & Casino, which opened in March 2013. Bloomberry is the first of the four licensees to open in PAGCOR Entertainment City near Manila Bay, a facility being developed by the Philippine government as a Las Vegas-like gaming and entertainment hub.