Bloomberry Resorts’s board will target annual cash dividends of 35 per cent of the prior year’s earnings.
The Philippines.- Casino operator Bloomberry has announced that its board of directors has approved a new dividend policy. The policy aims to distribute annual cash dividends of 35 per cent of the previous year’s audited consolidated earnings per share. The cash dividend will be taken from the company’s unrestricted retained earnings as required by law.
With the recommendation from management, the board of directors will decide the amount and timing of the cash dividends. The company will also consider any contractual restrictions on dividend payments imposed by existing and future debt facilities and other relevant factors determined by management and the board of directors.
In deciding the amount of cash dividends, the company said its board of directors will consider its current and future business performance, economic conditions, development pipeline, cash flows, and financial position. The board of directors said it approved the policy “to further enhance shareholder value” following the growth of the company’s business with the opening of Solaire Resort North.
The casino operator expects Solaire Resort North to increase the group’s cash flows as it ramps up in the coming quarters.
For the second quarter of the year, Bloomberry reported net income of PHP1.3bn (US$23.4m), down 61 per cent year-on-year and down from the PHP2.6bn (US$45m) reported for the first quarter.
Gross gaming revenue (GGR) was PHP14.5bn (US$261m), down 4 per cent year-on-year. Consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) was PHP3.6bn (US$64.8m), down 33 per cent when compared to the second quarter of 2023.
