Bloomberry Resorts, owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino, plunged to a P1.16 billion (US$24.86 million) net loss in the first quarter of 2016 due to higher foreign exchange losses and interest expenses from its Philippine operations.

In a disclosure to the Philippine Stock Exchange, Bloomberry said the net loss that the gaming firm incurred in first three months of 2016 was more than double compared to the P533 million loss it reported in the same period a year ago.

Bloomberry’s total revenues for the quarter fell by 10 percent year-on-year, from P6.34 billion to P5.73 billion while gross gaming revenues fell by 5 percent to P7.65 billion.

The gaming firm attributed its losses to the lower Earnings before interest, taxation, depreciation and amortization (EBITDA), which declined 31 percent year-on-year to PHP1.21 billion, owing to the low VIP hold as well as the P198 million drag from the company’s Korean operations.