Bloomberry Resorts & Hotels Inc. (BRHI), operator of Manila’s Solaire Resort Entertainment City and Solaire Resort Quezon City, has purchased around US$263,000 worth of shares in its own parent company, Philippine-listed Bloomberry Resorts Corp, to gift to its casino patrons.
In a filing, Bloomberry said it had purchased a total of 1,940,000 shares through the Philippine Stock Exchange and at market price. The value of the shares at time of purchase ranged from Php7.50 to Php7.70 per share for a total investment of Php14,887,111 (US$263,000).
According to information contained within the filing, “These shares shall be given as a reward to Solaire’s loyal patrons and as part of Solaire’s marketing program.”
The share purchase comes after Bloomberry last week reported a 4% year-on-year decline in gross gaming revenues and a 33% decline in EBITDA in 2Q24, impacted by ongoing weakness in the VIP gaming market.
That didn’t stop the company from announcing a new dividend policy under which it will make annual distributions equal to 35% of the prior year’s audited consolidated Earnings Per Share.
Bloomberry recently opened its second integrated resort, Solaire Resort North, which managed to achieve positive EBITDA during its first 37 days of operation despite a variety of gaming and non-gaming facilities having not yet launched during the period.
