Bloomberry Resorts Corp, operator of the Solaire Resorts and Casino, saw its consolidated net profit drop 39 percent, reaching P1.1 billion (US$20.6 million) in the third quarter of 2018.
Bloomberry said the lower year-on-year profit drop was due to higher interest charges, and low VIP hold – which was 1.9 percent in 18Q3 compared to 2.8 percent in 17Q3.
Net revenues increased 3 percent year-on-year to P9.9 billion – as a result of robust mass gaming performance in Solaire and lower promo allowances and contra accounts.
At its Solaire property, mass table revenue and slot revenue increased 37.8 percent and 15.7 percent, respectively, however, VIP table revenue took a hit, falling 26 percent year-on-year.
In Korea, in its Jeju Sun property, P193.5 million was recorded in gross gaming revenue for the third quarter of 2018, up 28.1 percent higher than the previous year.
Bloomberry said this was due to an increased level of play in the VIP segment as a result of its “highly competitive” marketing programs.
The company’s 18Q3 EBITDA fell 8 percent year-on-year, reaching P3.2 billion.
Bloomberry is the owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino.