All-time high gaming boosts Bloomberry's income 24-fold
MANILA, Philippines – The owner and operators of Solaire Resort and Casino, Bloomberry Resorts Corporation, saw its net income surge 24-fold to P4.1 billion in the 1st half of the year, thanks to its all-time high gaming revenues here and abroad.
For the 2nd quarter alone, Bloomberry's net income jumped by 47% to P1.95 billion versus P1.33 billion in the same quarter last year, fueled by a 34% increase in profitability in its Philippine operations and lower losses from Korean gaming operations under Jeju Hotel and Casino.
Enrique Razon Jr-led Bloomberry told the local bourse that Solaire registered a new record in mass table drop and electronic gaming machine (EGM) coin-in, as well as new all-time high gross gaming revenues for Solaire's VIP, mass table, and EGM gaming segments.
As a result, its consolidated gross gaming revenue (GGR) rose by 14% to P12.22 billion in the 2nd quarter – the highest since it opened in March 2013. (READ: Bloomberry's 2nd hotel, casino eyed for development in 2018)
"We are gratified to see the continuing results of our efforts to level up Solaire's game. There will be no let-up in these efforts. We are on track, and we will continue to focus on surpassing our previous achievements," said Razon, chairman and chief executive officer of Bloomberry.
Jeju Sun's GGR alone grew 47% and contributed P173 million to the total. (READ: Termination of Nigeria contract pulls ICTSI's income to over $100M)
The gaming firm achieved strong 1st half performance despite increased competition following the opening of Okada Manila, the 3rd integrated resort and casino within government-sponsored Pagcor Entertainment City.
Bloomberry's non-gaming revenues for the 1st half of the year grew 40% to P1.57 billion, driven mainly by new shows in the Theatre at Solaire, the opening of The Shoppes at Solaire, as well as improved hotel occupancy in both the Bay and Sky Towers.
Average hotel occupancy in the 1st half of 2017 was 91.6%, a significant 7.4-percentage-point improvement from the 84.2% rate reported for the same period last year.
Despite posting record profits, Bloomberry has not let up in its ongoing cost-containment initiatives and programs. (READ: FAST FACTS: What you need to know about the Philippine casino industry)
Consolidated cash operating expenses grew just 14% quarter-on-quarter to P6.225 billion, with the Korean operations reporting a slight 1% sequential decline. – Rappler.com