Bloomberry income rises to record P6.1 billion in 2017

MANILA, Philippines — Bloomberry Resorts Corp. saw its profit rise to a record level last year behind robust earnings from its resort casino in Parañaque and improving operations in Korea.

The owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino reported a 161 percent jump in earnings to P6.1 billion.

Bloomberry attributed the growth to an 81 percent increase in Solaire’s profitability to P6.27 billion, and an 82 percent reduction in net losses from its Korea operations to P207 million from P1.137 billion in the previous year.

“Going into our fifth year of operation has become even more exciting with our 2017 results in sync with the growth trajectories we have aimed for. This is largely due to our top notch management team and the thousands of Bloomberry and Solaire men and women, whose tireless drive and dedication keep us notches ahead,” Bloomberry chairman and CEO Enrique Razon Jr. said.

Aside from record net profits, Bloomberry also reported all-time high numbers in VIP volume, mass table drop and EGM coin-in, gross gaming and non-gaming revenues.

With VIP hold rates remaining unchanged year-on-year at 2.61 percent and slightly lower hold rates for its mass tables and slot machines, Solaire’s gross gaming revenues grew 16 percent to P44.52 billion–the highest on record since its opening in 2013.

Inclusive of the P407 million contribution from Jeju Sun, the company’s gross gaming revenues increased 17 percent to P44.93 billion.

Non-gaming revenues, meanwhile, surged 40 percent to a new all time-high P3.34 billion due to continued improvements in Solaire’s hotel, food and beverage, and retail unit.

Bloomberry finished 2017 with an EBITDA of P12.35 billion, 17 percent higher than the P10.6 billion recorded the previous year.