Bloomberry sees net profit shrink 40 percent in 19Q1

Bloomberry Resorts, the operator of the Solaire Resort & Casino saw its consolidated net income plunge by 40 percent in the first quarter of the year, due to lower foreign exchange gains, higher interest expenses and weaker gaming revenues.

Net income for the quarter reached P2.2 billion, while gross gaming revenues fell one percent to P13.6 billion.

Bloomberry said it saw robust mass table games and electronic gaming machine revenue which grew 23 percent and 9 percent respectively. However, this was offset by a 16 percent decline in VIP revenue.

Non-gaming revenues grew 25 percent year-on-year.

While net profit was down year-on-year, the results in 19Q1 was 204 percent above the P725 million net profit recorded in 18Q4.

“We kicked off 2019 with a solid set of results. Our net revenues and EBITDA were driven by our highly profitable mass gaming segments where our innovative customer experience and engagement programs continue to reward us with a database of loyal patrons,” said Bloomberry chairman and chief executive Enrique Razon Jr.