Solaire operator’s profit surges in Q3
THE OWNER and operator of Solaire Resort and Casino posted a 31% increase in attributable profit in the third quarter of 2017, driven by the strong growth in both mass market and VIP plays.
In a regulatory filing, Bloomberry Resorts Corp. reported its net income attributable to the parent stood at P1.86 billion for the July to September period, as revenues likewise climbed 22% to P9.59 billion during the period.
Earnings for the third quarter propelled the company’s ninemonth attributable profit to P5.96 billion, 271% higher than the P1.6 billion it booked in the same period a year ago. Operations from Solaire and Jeju Sun fueled revenues by 28% to P28.07 billion in the nine months ending September.
“We continue to grow across all sectors, and hope to see this uptrend continue until the end of the year. Our top- line and bottom line are positive and, despite some minor hiccups, I am confident that 2017 will be a banner year,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said in a statement.
Bloomberry, which also owns and operates Jeju Sun Hotel and Casino in Korea, attributed the company’s growth to more games played in the mass market table as well as a 2.36% increase in VIP hold rate.
Solaire delivered P9.67 billion for mass table drops during the quarter, with electronic gaming machines (EGM) contributed P49.69 billion, increasing by 22% and 38%, respectively. Contributions from Jeju Sun, meanwhile, came in at P151 million.
With this, consolidated gross gaming revenues was up 18% year on year to P11.64 billon.
Revenues from Bloomberry’s non-gaming segment also got a 49% boost in the third quarter to P890 million. On a nine-month basis, non-gaming revenues jumped 44% to P2.47 billion.
Growth in the segment was mainly due to higher hotel occupancy rates of The Bay and Sky Towers at Solaire, which stood at 89.4% during the quarter, up 5.2% year on year. The Sky Tower is a five-star hotel that offers a total of 312 rooms.
Non-gaming revenues were also pushed by more shows playing at The Theatre, and the opening of The Shoppes, which houses boutiques of luxury brands Louis Vuitton, Prada, Bvlgari, Salvatore Ferragamo, and Givenchy.
Outside of Entertainment City, Bloomberry also owns a 1.5-hectare property inside Ayala Land, Inc.’s P65-billion estate Vertis North in Quezon City. The company looks to turn the property into the first gaming casino in the north. It further owns a 33.16-hectare land in Muui and Silm Islands in Korea through its wholly owned subsidiary Solaire Korea.
Shares in Bloomberry picked up 32 centavos or 3.05% to P10.80 apiece at the Philippine Stock Exchange on Thursday. —