So­laire op­er­a­tor’s profit surges in Q3

Business World - - CORPORATE NEWS - Arra B. Fran­cia

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. —

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