Solaire Resort posts a 46% increase in Q3 GGR

Philippines-listed Bloomberry Resorts has reported a 46 percent increase in Q3 GGR at its Solaire Resort & Casino in the Philippines, driven by higher hold in VIP and strength in the mass gaming segments.

Solaire’s VIP tables saw a 117 percent increase in revenue in the quarter, reaching P8.6 billion (US$170 million), while mass tables (P4.2 billion) and slots (P4.3 billion) grew by 1.7 percent and 18.7 percent, respectively. 

Solaire noted that mass table drop and EGM coin-in were at record quarterly levels of P13.5 billion and P66.9 billion, representing year-on-year growth of 10 and 23 percent, respectively. 

Other than Solaire, the company also owns and operates Jeju Sun Hotel & Casino in South Korea.

During the same quarter, its Korean operations reported GGR of P109 million, down 44 percent year-on-year, due to an unfavorable hold percentage at Jeju Sun. Non-gaming revenues took a similar hit, down 37 percent year-on-year to P39 million, due mainly to ongoing renovations in 80 percent of the property’s hotel rooms and all four of its F&B outlets. 

Bloomberry said it expects renovation works to conclude by the fourth quarter of 2019. 

As a whole, the company posted a consolidated net revenue of P13.3 billion, up 49 percent. Consolidated EBITDA hit record levels at P6.4 billion, driven by higher gaming revenues and continued cost control in the Philippines and South Korea, while consolidated net profit increased 245 percent to P3.9 billion, despite higher interest expenses and foreign exchange losses.

On the results, Enrique K. Razon Jr., Bloomberry Chair and CEO, said he was looking forward to delivering a strong set of full-year results.