Bloomberry income up 31% in Q3

Bloomberry Resorts Corp., owner and operator of Solaire Resort & Casino and Jeju Sun Hotel & Casino, sustained its profitability in the first nine months.

In a regulatory filing, Bloomberry said third quarter net income grew P1.86 billion, up 31 percent from P1.41 billion a year ago.

This brought nine-month income to P5.96 billion, 275 percent higher than the previous year.

Consolidated gross gaming revenues grew 18 percent in the third quarter to P11.64 billion.

This was driven by record VIP volume, mass table drop and EGM coin-in for the ninemonth period.

Jeju Sun also contributed to this growth with its GGR growing 122 percent and contributing P324 million or just one percent to the total.

Bloomberry chairman Enrique Razon said 2017 would be a banner year for the company.

“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,” he said.

Non-gaming revenues in the quarter, meanwhile, grew 49 percent to P890 million.

Solaire’s over-all hotel occupancy in the third quarter was 89.4 percent, 5.2 percentage points better than the 84.2 percent hotel occupancy posted in the same quarter last year.

In the first nine months, Bloomberry’s non-gaming revenues increased 44 percent to P2.47 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.

Due to the strong performance of both its gaming and non-gaming segments in Solaire as well as substantial improvements in Jeju Sun, Bloomberry’s third quarter revenues grew 22.3 percent year-on-year to P9.6 billion.

While accounting for only 2.1 percent of total consolidated revenues, Jeju Sun reported an 11 percent quarter-on-quarter increase in its revenues to P201 million.