By JAMES A. LOYOLA
Bloomberry Resorts Corporation, owner of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a 38 percent surge in audited consolidated net profit to ₱9.9 billion for 2019 from ₱7.2 billion in 2018.
In a disclosure to the Philippine Stock Exchange, the firm said its net profit grew despite incurring foreign exchange losses and higher interest expenses.
The Company’s 2019 consolidated EBITDA was ₱19.8 billion, representing an increase of 33 percent from ₱14.9 billion in 2018.
Solaire contributed ₱20.3 billion to consolidated EBITDA, which was off-set by the ₱463.5-million negative EBITDA recorded at Solaire Korea.
“I am pleased to report another record year of profits for Bloomberry… Despite increasing competitive pressure, Solaire maintained its market-leading position and has again proven itself as the premier integrated resort of the Philippines,” said Bloomberry Chairman and Chief ExecutiveEnrique K. Razon Jr.
He noted that, “We are off to a rough start in 2020 as we contend with the tourism impact of an official world health emergency. However, we remain steadfast and aim to demonstrate our resilience by working towards another year of operating excellence.”
Razon added that, “We continue to focus on our next leg of growth as work on Solaire North progresses smoothly. We are on track to complete the project in the second half of 2023.”
In 2019, total gross gaming revenues (GGR) at Solaire was ₱59.8 billion, representing an increase of 17 percent from ₱51.0 billion in 2018.
Solaire’s VIP volume in 2019 declined by 5 percent to ₱771.4 billion. However, VIP GGR increased by 20 percent to ₱26.2 billion from ₱21.8 billion in the previous year. Growth was aided by a meaningfully higher VIP win rate of 3.40 percent compared to 2.69 percent in 2018.
Mass table drop and electronic gaming machine coin-in at Solaire for 2019 reached ₱51.5 billion and ₱255.1 billion, increasing by 15 percent and 20 percent, respectively, compared to 2018.
Growth in the mass market continues to be supported by robust domestic and international discretionary spending.
Solaire Korea’s Jeju Sun reported gaming revenue of ₱573.1 million in 2019, representing an increase of 18 percent from ₱484.4 million in 2018.
The Company reported consolidated non-gaming revenues of ₱8.2 billion for 2019, representing growth of 21 percent over the ₱6.8 billion generated in the previous year.
At Solaire, non-gaming revenue for the year was ₱8.0 billion, representing an increase of 23 percent from 2018.