Bloomberry Q2 net jumps 52 percent, mass table drop hits record

Solaire, Manila
Solaire, Manila

Bloomberry Resorts, the operator of the Solaire Resort & Casino in Manila, posted a 52 percent jump in Q2 net profit, fuelled by strength in all gaming segments.

Net profit rose to PHP2.45 billion ($47 million) from PHP1.61 billion a year earlier. Total revenue rose 21 percent to PHP11.6 billion, while gross gambling revenue was up 19 percent to PHP14.6 billion.

The company said its VIP volume had declined 5 percent, but a higher hold rate of 3.49 percent helped to boost revenue to 33 percent to PHP6.18 billion.

Conversely, the company recorded its highest level of mass table drop of PHP12.5 billion, up 14 percent, though revenue declined 3 percent due to lower hold of 32.6 percent from 38.3 percent a year earlier. 

The company said 99 percent of its revenue came from its Philippine operations, with its property on Jeju island in South Korea contributing just 1 percent. 

Electronic Gaming Machine coin it also hit a record of PHP65.4 billion, up 23 percent. 

Non-gaming revenue was also strong, gaining 20 percent.

Bloomberry’s EBITDA rose 32 percent to PHP4.955 billion, with a PHP5.1 billion contribution from Solaire more than offsetting a PHP141 million loss at that level from Solaire Korea.

On a hold normalised basis, EBITDA gained 3 percent.