Bloomberry rakes in record net income in 9 months

Bloomberry Resorts Corporation, owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino, rang in unaudited consolidated profits of R5.97 billion for the first nine months of 2017 from the R1.59 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said this is its highest nine-month profit ever and is due to the increase in profitability in its Philippine operations.

Solaire reported a new record for mass table drop, EGM (electronic gaming machine) coin-in and EGM GGR (gross gaming revenue) and with Jeju Sun reporting positive EBITDA for the first time since its acquisition in 2015.

“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 lines are positive and, despite some minor hiccups, I am confident that 2017 will be a banner year,” said Bloomberry chairman Enrique K. Razon Jr.

Bloomberry’s consolidated GGR grew 23 percent to R34.57 billion in the first nine months of the year, driven by record VIP volume, mass table drop and EGM coin-in for any nine-month period.

Furthermore, Jeju Sun also contributed to this growth with its GGR growing 122 percent and contributing R324 million, or just one percent to the total.

Meanwhile, Bloomberry’s nongaming revenues grew 44 percent to R2.47 billion driven mainly by new shows in The Theatre, the opening of The Shoppes as well as improved hotel occupancy in both the Bay and Sky Towers at Solaire.

Average hotel occupancy in the first nine months of the year was 90.9 percent, a significant 6.7 percentage point difference from the 84.2 percent rate reported for the same time period last year.

Bloomberry reported a 28 percent growth in its revenues to R28.07 billion with Solaire and Jeju Sun reporting revenue growth of 27 percent and 97 percent, respectively.