Bloomberry sustains turnaround story

was not without its challenges, but - cial management, marketing, property and systems improvements, and staff engagement rallied us through. with the results that put us in good standing with the competition. We hope to use this position of strength to carry us into, if not surpass, the results for the current year.”

Bloomberry’s 2016 non-gaming revenues grew 26 percent to a new annual record of P2.381 billion due to continued improvements in Solaire’s hotel, food and beverage and retail and others segments, which increased by 18 percent and 141 percent, respectively.

Solaire’s hotel business continued to improve with the average room rate and RevPAR increasing by nine percent and 17 percent, respectively, as well as a 6.1 percentage point increase in occupancy to 85.4 percent.

A host of several successful hit shows at the Theatre further enhanced the non- gaming revenue growth while the opening of The Shoppes at Solaire at the beginning of the year was a major driver in the strong growth in the retail and others segment.

- ry’s non-gaming revenues grew 11 percent year-on-year driven by sig operations. Number of covers served and average check amounts had positive growth on both year-on-year - cupancy improving to 88.9 percent from 83.1 percent and 84.2 percent in 4Q15 and 3Q16, respectively.

Total expenses were essentially 6 percent reduction from Korea, which accounted for 5 percent of the total. The growth in Solaire’s cash operating expenses lagged behind the growth in revenues as they grew just 15 percent to P18.767 billion.

A significant portion of the growth in Solaire’s cash operating expenses can be attributable to the reversion of the gaming tax to its original structure implemented at the beginning of 3Q16.

- tensive cost containment measures being implemented in Jeju Sun, cash operating expenses from the Korea operations fell 19 percent to P861 million.

operating expenses grew just 13 percent to P19.628 billion. Even with the strong growth in VIP volumes, due to continuing improvements in the credit evaluation and approval processes, provisions for doubtful accounts fell 92 percent year-onyear to P204 million from P2.569 billion in 2015.

Bloomberry’s total expenses cash operating expenses continued to grow at a slower pace vis-à-vis revenues. The company reported P5.744 billion in cash operating expenses for on- year. The implementation of strict cost containment measures in Jeju Sun have continued to pay off - tial drop in cash operating expenses from Korea to P179 million from

At the end of 2016, the company had P4.679 billion in gross receivables, 18 percent lower compared to the beginning of the year. Receivables over 90 days declined by 45 due to the write off made at the end of the year. Without the write off, the receivables over 90 days would have grown by just 2 percent the P204 million in provisions for doubtful accounts, receivables over 90 days remain essentially covered by the P1.722 billion in allowance for doubtful accounts.

Bloomberry reported P10.599 billion in EBITDA, 105 percent higher than the previous year’s P5.182 billion, exceeding the previous P10.083 billion record posted in 2014. Removing the impact of the large provision for doubtful accounts in 2015, the reported EBITDA would still have grown by 39 percent year-on-year.

Bloomberry reported P2.697 billion - versal of the negative P546 million reported in the year-earlier period.

The reported VIP hold in the 12 months of 2016 was 2.61 percent, 24 basis points lower than the 2.85 percent normalized hold. This resulted in the reported EBITDA being 14 percent lower than the 2016 hold-normalized EBITDA of P12.099 billion.

The company reported a full substantial P5.7 billion swing from the previous year’s P3.375 billion net loss owing to robust topline growth, effective cost-containment provisions for doubtful accounts although this was moderated by losses from Korea. Without the drag from Korea, Solaire would have re compared to a P2.377 billion net loss in 2015. Moreover, Bloomberry was able to erase the retained losses in its balance sheet in 4Q16 with P87 million in retained earnings by the end of 2016.

Bloomberry generated in P732 million in net profits in Q4, a P2.598 billion year-on-year swing compared to the P1.866 billion net loss in Q4 2015.

Bloomberry reported earnings per share (EPS) of P0.214 in 2016, a sig - tive P0.305 in the preceding year.

Bloomberry reported an EPS of P0.068, versus a negative P0.176 and P0.129 in the same period - ter, respectively.

The Sky Tower of Solaire Resorts 2017 Star Rating Announcement. This is the most prestigious accolade Solaire has received since Sky Tower opened in 2014.

Bloomberry Resorts Corporation is the owner and operator ( through its subsidiaries) of the Solaire Resort & Casino and Jeju Sun Hotel & Casino. Solaire was the first property to open in PAG - laire became the first Integrated Resort in Entertainment City with the opening of Sky Tower last November 2014. Aside from a 312key all- suite five- star hotel, Sky Tower features other amenities such as The Theatre, a 1,760- seat Broadway- style theatre; The Macallan, a luxury cigar and whisky in The Forum; an international KTV bar, as well as additional gaming facilities. Solaire’s highend retail area, The Shoppes@ Solaire, has recently rolled out Louis Vuitton, Prada, Bvlgari, Salvatore Ferragamo and Givenchy.