Bloomberry incurs P2.5 billion net loss in Q3
Enrique Razon’s Bloomberry Resorts Corp. incurred a net loss of P2.5 billion in the third quarter of the year, a turnaround from the P3.9 billion profit recorded a year ago......»»
Bloomberry earnings soar 106 percent to P8.3 billion in 9 months
Bloomberry Resorts Corp., the Razon-led casino resorts operator, saw its consolidated net income soar by 106 percent to P8.3 billion in the nine months to September......»»
Big fuss over .02%
The Philippine Stock Exchange index is considered the gauge of the activity in the equities market and, by extension, of the economy since the direction of the line graph indicates the country’s financial health. The index tracks the price movements of a basket of select companies listed on the bourse, representing various sectors of the economy. Investors and market participants use the PSE index as a reference to evaluate the performance of their investment portfolios and make informed investment decisions. The daily movement of the index influences investor confidence and sentiment. Increased investor confidence can stimulate trading activity, attract foreign investments, and encourage local companies to raise capital through initial public offerings or secondary floats. A strong and stable PSE Index can enhance the stock market’s perception as an attractive investment destination. This could attract foreign capital inflows, increase liquidity, and contribute to developing the local capital market. Thus, the impending exit of Metro Pacific Investments Corp., or MPIC, and Aboitiz Power Corp., or APC, from the Philippine Stock Exchange index seems a bit off as both companies are major players in the country’s growth story. Replacing APC and MPIC in the exclusive blue chips club are tycoon Enrique Razon Jr.’s Bloomberry Resorts and the Po family’s Century Pacific Food. The revamp takes effect on Tuesday, 26 September. MPIC is stepping out of the index after its public float dropped to 2.78 percent as part of its program to delist by October. APC’s exclusion from the benchmark was decided on, however, after it missed by a few decimal points of the 20 percent float rule for stocks to be retained in the PSEi. The company purchased 11.4 million shares as part of its buyback program that brought the public float level to below 20 percent, the level required to stay in the PSEi. Based on APC’s report to the market, stocks owned by the public are 19.98 percent of the total listed shares of 7.35 billion. Listed companies are required to have a 10-percent public float, but the elite index members are given a more arduous 20-percent public ownership condition. APC is off by .02 percent. APC’s buyback activities increased non-public scrips to 5.886 billion, bringing the total number of publicly owned shares to 1.47 billion. “Aboitiz Power’s current public ownership levels far exceed the 10-percent minimum public ownership level required for it to remain listed in the Philippine Stock Exchange,” an APC statement to the PSE said. “Even with this stock buyback program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future,” APC added. The PSEi must accurately reflect the stock market’s overall performance and, in the bigger picture, the economy’s strength. Its composition should go beyond the mere technical criteria to allow a more representative indicator of the daily activity of the market. APC accounts for one out of every five megawatts, or MW, of installed capacity in the country and has some 1,000 MW of renewable energy capacity in the pipeline. In the first half of the year, the company reported a P17.8-billion net income, 79 percent higher than the P10 billion recorded in the same period a year ago. In the second quarter, the company’s net income reached P10.3 billion, 46 percent higher than the P7 billion profit a year ago. The decision to remove a key bourse participant, which also has among the most active shares, is like benching your star player because he forgot to bring a matching pair of socks. The post Big fuss over .02% appeared first on Daily Tribune......»»
Razon’s Bloomberry bares H1 profit surge
After returning to profitability last year, Bloomberry Resorts Corp., the operator of Solaire Resort & Casino, still sustained its momentum even throughout the first half of the year. In a report on Wednesday, the publicly listed holdings firm reported a P6.4 billion consolidated net income during the period, a 160 percent surge from last year’s P2.5 billion. San the impact of a P356.6 million one time gain on sale from the disposition of an asset, the company noted that consolidated net income would have increased by 145 percent. “All our business segments continued to deliver growth that pushed consolidated net revenues, EBITDA, and net profit in the first half to levels exceeding that of the same period in 2019,” Enrique K. Razon Jr., Bloomberry Chairman and CEO said in the report. Solaire gaming revenue surges “We anticipate that the growth momentum we have so far seen will continue well into the next six months and in the years ahead,” he added. In terms of consolidated net revenues, Bloomberry posted P25.6 billion, which represented a 48 percent growth against P17.2 billion in the same period last year. At Solaire, total gross gaming revenue soared 41 percent to P31.2 billion annually — driven by the recovery in domestic mass table games and electronic gaming machines segments. Compared to the pre-pandemic figures in 2019, Solaire’s first-half GGR represented a 110 percent jump. The casino’s non-gaming revenues from its hotel, food, and retail segments reached P4 billion, up 51 percent. As of the end of June, Bloomberry logged a consolidated cash and cash equivalents balance of P44.9 billion. Total outstanding long-term debt was P98.1 billion, which represented the balance of the current and non-current portions of the amended P73.5 billion and P40.0 billion Syndicated Loan facilities. Meanwhile, the total equity attributable to equity holders of the parent company was P39.9 billion. The company has already drawn P18.2 billion from the P40 billion Syndicated Loan Facility, higher by P8.7 billion as the company drew from the facility in the second quarter to partially finance the construction of Solaire Resort North scheduled to launch by the first quarter of 2024. The post Razon’s Bloomberry bares H1 profit surge appeared first on Daily Tribune......»»
NY tribunal clears Bloomberry from heist
The Appellate Division of the New York Supreme Court upheld on 30 May 2023 an order clearing a unit of Bloomberry Resorts and Hotels Inc. or BRHI from the complaint of Bangladesh Bank regarding an $81-billion online bank heist. A decision and order dated 30 May 2023, received by Bloomberry in the evening of 30 May 2023, upheld the order of the Supreme Court, New York County dated 8 April 2022 which granted the motion to dismiss the Bangladesh central bank’s complaint against Bloomberry unit Solaire resort. Bloomberry Resorts Corp., and its subsidiary Bloomberry Resorts and Hotels Inc., along with Rizal Commercial Banking Corporation, and Eastern Hawaii Leisure Company, Ltd have all been accused of serious crimes, including conspiracy to commit, fraud, aiding and abetting, conspiracy to commit fraud, conversion, theft, misappropriation, and a litany of other charges. Hackers went for $1B The suit was related to the attack on Bangladesh Bank by North Korean hackers in 2016 that resulted to the syphoning off a total of $1 billion from the bank’s accounts. The hackers attacked the Federal Reserve Bank of New York, which responded rapidly, blocking the majority of the transfers, but after letting $101 million slip through. The bank was able to retrieve $20 million of these funds, but the remaining $81 million remained unaccounted. In the probe on how the remainder of the money was used, it was found the majority of the funds were channeled through various casinos and gambling properties and used to buy gaming chips and play in junket rooms. The hackers were successful in transferring the money because the criminals specifically launched their attack during the long weekend. Since the racket took place, Bangladesh Bank has been looking to recover the missing funds, essentially accusing the defendants of not acting in good conscience when it came to examining the source of funds and flagging the matter with authorities in a timely fashion. With the latest rulings, however, it’s unlikely for Bangladesh Bank to recoup any further of the missing funds. The post NY tribunal clears Bloomberry from heist appeared first on Daily Tribune......»»
Bloomberry profit jumps over 4-fold to P3 billion in Q1
Enrique Razon’s Bloomberry Resorts Corp., the listed casino and integrated resorts operator, is on a winning streak, as it sustained its remarkable business recovery in the first quarter......»»
Bloomberry swung to P771-m net loss in the first quarter
Gaming company Bloomberry Resorts Corp. said Monday it posted a net loss of P771 million in the first quarter, a reversal of the P1.37-billion net income it booked in the same period last year as business operations remained limited because of the pandemic......»»
Bloomberry incurs P780 million loss in Q1
Bloomberry Resorts Corp., the listed casino operator of tycoon Enrique Razon, reported a net loss of P780.8 million in the first quarter, a reversal of the P1.4 billion net profit recorded a year ago......»»
Bloomberry incurs P8.3-billion loss as casino sales fall 62%
Bloomberry Resorts Corp., the owner and operator of Solaire Resort & Casino in Paranaque City, said Monday it incurred a net loss of P8.3 billion in 2020, a turnaround from the P9.9-billion net income it posted in 2019 as gaming operations were severely impacted by the pandemic......»»
Bloomberry posts P8.3 billion loss
Bloomberry Resorts Corp., the listed hotel and casino operator, reported a net loss of P8.3 billion last year, but recorded improvements in revenue in the fourth quarter of 2020 compared to the third quarter......»»
Bloomberry incurs P2.5 billion net loss in Q3
Enrique Razon’s Bloomberry Resorts Corp. incurred a net loss of P2.5 billion in the third quarter of the year, a turnaround from the P3.9 billion profit recorded a year ago......»»
Bloomberry posts P5.85-b loss amid lockdown
Casino operator Bloomberry Resorts Corp. said Tuesday it posted a net loss of P2.5 billion in the third quarter, a turnaround from the P3.9-billion income it booked in the same period last year as casino operations remained restricted because of the pandemic......»»
Sam Bankman-Fried sentenced to 25 years in prison for power-obsessed scamming
Manhattan Judge Sentences Sam Bankman-Fried to 25 Years in $8 Billion Scam In a shocking turn of events, Manhattan judge has sentenced Sam Bankman-Fried to.....»»
Baltimore bridge accident: Freighter pilot called for tugboat help before plowing into bridge
BALTIMORE — The pilot of the cargo freighter had radioed for tugboat help and reported a power loss minutes before the Baltimore bridge accident, federal safety officials said on Wednesday, citing audio from the ship’s “black box” data recorder. The head of the National Transportation Safety Board also said that Francis Scott Key Bridge, a.....»»
Milk tariff collections rise by 31% to P2.4 billion
Revenues raised by the government from various imported milk products jumped by 31 percent to P2.36 billion in 2023, the highest in at least eight years, from P1.8 billion in 2022......»»
Sy family invests P5 billion in Megawide affiliate
The Sy family is once again playing a big brother role to a company led by businessman Edgar Saavedra, this time investing in Megawide’s affiliate renewable energy real estate investment trust......»»
Cebu Pacific books P8 billion profit in 2023
Low-cost carrier Cebu Pacific found itself landing on solid ground in 2023, as it booked a profit of nearly P8 billion on the back of a resurgent demand for air travel......»»
Mega Millions Jackpot Winner of $1.13 Billio
A lucky individual in Monmouth County, New Jersey struck gold this week by winning the $1 billion Mega Millions jackpot. The winning ticket was sold.....»»
JG Summit FY23 profit: P19.6-B (up 216%)
JG Summit, the Gokongwei Family’s diversified conglomerate, teased its FY23 financial results headlined by a 216% increase in the company’s net income to P19.6 billion......»»
Globe closed on an additional P1.16-B in tower sales
Globe Telecom, the Zobel Family’s telecommunications company, disclosed that it closed on the sale of another 91 cell towers to Frontier Towers to raise approximately P1.16 billion in cash......»»
P1.1 billion released to restore heritage school buildings
The Department of Budget and Management has released P1.1 billion to conserve and restore heritage school buildings in the country......»»