By James A. Loyola
Gaming firm Bloomberry Resorts Corporation, owner and operator of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported record audited consolidated earnings since it started operations in March 2013.
In a disclosure to the Philippine Stock Exchange, the firm said its net profit grew 18 percent to P7.17 billion last year.
This is despite the unrealized foreign exchange losses from its Korea operations and higher interest expenses incurred resulting from the full drawdown of the P73.5 billion Syndicated Loan in the first half of 2018.
Consolidated EBITDA was P14.9 billion, representing an increase of 21 percent year-on-year. Solaire contributed P15.14 billion to consolidated EBITDA, which was off-set by the P240 million negative EBITDA recorded at Jeju Sun.
Both EBITDA and net profit growth were supported by record levels of gaming volumes and gross gaming revenues (GGR) across the VIP, mass tables and electronic gaming machine (EGM) segments, non-gaming revenues, as well as effective cost containment initiatives.
Bloomberry’s net revenues grew 16 percent YoY to P38.22 billion as a result of the strong performance of Solaire’s gaming and non-gaming operations.
“I am pleased to report that Bloomberry continues to be a trailblazer in the Philippine gaming and entertainment scene with our world- class integrated resort offering, Solaire Resort and Casino, delivering record revenues and profits in 2018,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.
He added that, “we look forward to 2019 and to sowing the seeds of our future growth, as we anticipate to break ground on our second integrated resort in Quezon City this year.”
In 2018, total GGR at Solaire was P50.972 billion, representing an increase of 14 percent YoY. Solaire’s VIP volumes in 2018 were the highest ever for the property at P810.23 billion, increasing by 2 percent YoY despite the ramp-up of the newest player within Entertainment City.
Full year mass table drop and EGM coin-in at Solaire also reached record highs of P44.89 billion and P211.89 billion, representing YoY growth of 22 percent and 15 percent, respectively.
In Korea, despite the gambling prohibition on locals and meaningfully deteriorated tourist visitation, Jeju Sun reported a 19 percent YoY increase in annual gaming revenues to P484 million.
Strength in both the Philippines and Korea gaming segments enabled the company to grow its consolidated gaming revenues to P48.23 billion, representing an increase of 14 percent against consolidated gaming revenues in 2017.