Bloomberry said Arasi was stepping down for personal reasons.
The Philippines.- Bloomberry Resorts has announced through a company filing that Thomas Arasi has stepped down as president, chief operating officer (COO) and as a member of the board of directors. The company said his resignation was for personal reasons. It has not yet announced a replacement.
Arasi became president and COO of Bloomberry Resorts in 2013. Before that, he was president and CEO of Marina Bay Sands in Singapore. Arasi also worked as president and COO at Lodgian and as president of InterContinental Hotels Group.
In October, Arasi increased his shareholding under the company’s Stock Incentive Plan. He indirectly controlled another 21.9m in the company, according to a filing at the time.
For the third quarter of the year, Bloomberry reported a net loss of PHP470.2m (US$8m), compared with a PHP1.95bn profit a year earlier and a profit of PHP1.3bn (US$23.4m) in the second quarter of the year.
The net loss was a result of lower EBITDA and higher depreciation and amortisation and interest expense associated with Solaire North. Consolidated EBITDA was PHP4.06bn (US$69m), down 3.44 per cent when compared to the third quarter of 2023 but up 11.5 per cent sequentially.
