Bloomberry on a roll - posts second-best quarter

Bloomberry Resorts Corporation (BLOOM PM), owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino, posted record Q3 mass table drop and gross gambling revenue from electronic gaming machines, while VIP volumes slipped.

Total gross gaming revenue at Solaire in the Philippines increased by 16.6 percent to P11.5 billion as compared to the same quarter last year. Non-gaming revenue reached a record high of P810.2 million, 52 percent higher year-on-year. Net income rose 31 percent to P1.85 billion.

Mass table drop and slot coin-in, grew by 22.4 percent and 38.2 percent, respectively. VIP volume decreased by 12.7 percent, but VIP gross gaming revenues managed to post double digit growth of 14.3 percent because of higher hold rate of 2.83 percent compared to last year’s 2.16 percent. On a hold normalized basis, VIP revenue would had edged up just 1 percent.

Total visitation for the third quarter of 2017 was 1,466,841, 14.6 percent higher.

In South Korea, the Jeju Sun continued to show signs of improvement, with Q3 gaming revenues up more than five times compared to the previous year at P151 million. Bloomberry attributed the increase to improved management and operations after a major overhaul late last year. The gains also come despite a slump in tourism to the island due to a ban by China on travel groups, which has now been lifted. 

Enrique K. Razon Jr., Bloomberry chair and CEO, says: “We continue to grow across all sectors, and hope to see this uptrend continue until the end of the year. Our top line and bottom lines are positive and, despite some minor hiccups, I am confident that 2017 will be a banner year.”

More news from this jurisdiction

PhilippinesThursday, Nov 23, 2017

The Cebu City Council has reportedly endorsed an application for Universal Hotels and Resorts (UHRI) to develop and operate an integrated resort and casino facility in the area.

PhilippinesWednesday, Nov 22, 2017

The Philippines is considering legalizing Bitcoin and other digital assets as securities to be regulated under existing security laws.

PhilippinesMonday, Nov 20, 2017

Philippine technology firm DFNN saw its earnings continue to surge at the end of September, with net income for the first three quarters of 2017 reaching P121.3 million, up 15,062 percent compared to the prior-year period.

PhilippinesTuesday, Nov 14, 2017

Bloomberry Resorts would see its debt levels rise and a reduction in return on invested capital in the short term if it buys the land on which its Solaire Resort & Casino is based, though longer term it may improve valuations, according to Morgan Stanley.

PhilippinesMonday, Nov 13, 2017

The Asian Poker Tour (APT) has announced it has signed a new three-year exclusive agreement to run its tournaments at Resorts World Manila.

PhilippinesMonday, Nov 13, 2017

The owners of Resorts World Manila is planning to introduce the country’s first Ritz Carlton Hotel by redeveloping its Maxims Hotel, local media reports.

PhilippinesSunday, Nov 12, 2017

The Philippine Amusement and Gaming Corporation (PAGCOR) is launching an auction for two parcels of land currently occupied by Bloomberry’s Solaire Resort and Casino.