Bloomberry posts record 2018 results

Bloomberry Resorts, operator of the Solaire Casino & Resort, posted record EBITDA and net profit for 2018, driven by record gross gambling revenues across all segments.

Full year profit gained 18 percent to P7.2 billion, while net revenue gained 16 percent to P38.2 billion.

Solaire’s gross gaming revenues were up 14 percent to P50.87 billion, driven by mass tables and slots. Mass table revenue was up 27 percent at P15.2 billion, while EGM revenue gained 18 percent to P13.8 billion.

For Q4, hold normalized EBITDA was 16 percent higher at P3.4 billion, with GGR gaining 29 percent in the quarter.  VIP, mass tables and EGM GGR recorded year-on-year increases of 53 percent, 18 percent and 10 percent respectively.

Solaire was the first integrated resort to open in Manila’s Entertainment City hub in November 2014. It has since been joined by Melco Resorts & Entertainments, City of Dreams Manila, and Universal’s Okada Manila.

“I am pleased to report that Bloomberry continues to be a trailblazer in the Philippine gaming and entertainment scene,” Chair and CEO Enrique Razon Jr said in a stock exchange statement. “We look forward to 2019 and sowing the seeds of our future growth as we anticipate to break ground on our second integrated resort in Quezon City this year.”

The company said its Jeju Sun resort in South Korea reported a 19 percent increase in annual gaming revenues to P484 million, despite a ban on locals gambling and weak tourism.

In 2018, the company recorded its highest ever consolidated non-gaming revenue of P6.61 billion, representing growth of 11 percent. Bloomberry said the growth was driven by higher hotel occupancies and increased rental income from new retail tenants, with the additions of Tumi, Transview, Eye Society and The Coffee Bean among others.