Higher gaming revenue and improved hotel occupancy has helped Philippine-listed casino operator Bloomberry Resorts Corp. claw its way back to profitability, raking a Php2.32 billion (US$46.07 million) net profit in 2016.

Bloomberry’s 2016 profit was a sharp turnaround from the P3.37-billion (US$66.92 million) net loss it registered in 2015.

In a disclosure to the Philippine Stock Exchange, the Enrique Razon-led casino operator pointed out that strong volumes on all its gaming segments pushed its gross revenue up 19.1 percent to P40.9 billion in 2016, from P34.2 billion in 2015. The firm’s gaming revenues accounting for 94.2% of total revenues.

Bloomberry was also able to erase the retained losses in its balance sheet as it booked P87 million (US$1.7 million) in retained earnings by the end of 2016.