Bloomberry logs record profit in semester

Bloomberry Resorts Corporation, owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a 29 percent jump in unaudited consolidated net income to 35.32 billion in the first half of 2018 from the 34.11 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, Bloomberry said this broke the record of highest six-month net profit ever reported by the Company.

“We continue to make progress towards establishing a solid enterprise. Our fundamentals remain strong, and we look forward to a busy second half and end 2018 with robust full year results,” said Bloomberry Chairman Enrique K. Razon Jr.

Solaire’s VIP volumes declined four percent to 3384.26 billion while gross gaming revenues (GGR) grew four percent to 311.78 billion. Mass table drop grew 19 percent to 320.73 billion while its EGM coin-in grew even faster at 21 percent to 3105.23 billion.

Bloomberry’s GGR had grown 14 percent to 326.13 billion driven by the strong growth in mass segments’ volume and higher hold rates across all gaming segments.

In the first two quarters of this year, Bloomberry’s non-gaming revenues grew 9.4 percent to 31.72 billion driven mainly by higher frequency of productions in the Theatre at Solaire, the opening of more retail outlets at The Shoppes as well as improved hotel occupancy in both the Bay and Sky Towers.

Average hotel occupancy in the first half of the year was 93.4 percent, a 1.8 percentage point improvement from the 91.6 percent rate reported for the same period last year.

Bloomberry reported s 20 percent growth in its net revenues to 322.13 billion for the first half of 2018 with Solaire reporting revenue growth of 21 percent. (JAL)