Philippine-listed Bloomberry Resorts Corp.’s reported net loss for 2015 has reached PHP3.375 billion (US$52.8 million).

In a filing to the Philippine Stock Exchange, the casino operator said the net loss—compared with the net profit of PHP4.07 billion from previous year—was due to “interest expenses and additional loan drawdowns made during the year,” and also because the company’s Sky Tower construction faced “large increases in depreciation and amortization.”

Sky Tower is Bloomberry’s latest addition to its Solaire Resort and Casino in Manila, Philippines. The company also operates the Jeju Sun Hotel and Casino in South Korea’s Jeju Island.

Bloomberry said its total revenues grew 7 percent from PHP32.11 billion in the previous year to PHP34.36 billion in 2015. However, the company’s total expenses also spiked by as much as 51 percent year-on-year—from PHP17.64 billion to PHP26.66 billion.