Philippine casino operator, Bloomberry Resorts Corp saw strong earnings growth in the first quarter of 2018, smashing prior records.
Net profit increased 71 percent year-on-year, reaching P3.7 billion (US$71.2 million). Gross gaming revenues rose 28 percent year-on-year to a record P13.7 billion.
This was attributed to strong growth in both mass table drops and electronic gaming machine coin-ins at Solaire, its flagship Philippine casino. VIP gross gaming revenues also climbed in the quarter, up 39 percent year-on-year.
Reported EBITDA grew 44 percent year-on-year, the highest reported in any previous quarter.
Speaking about the results, Bloomberry chair and CEO, Enrique Razon Jr said: “We are off to a good start. Our fundamentals are solid, our cost optimization initiatives are working, so we should be on track to making this a banner year.”
The record results were slightly offset by results from Jeju Sun in South Korea, which saw GGR fall 13 percent in the quarter.