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Bloomberry soars higher in 2Q17 as Solaire breaks records

Thursday, 10 August 2017 08:33
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Bloomberry Resorts Corporation has continued its winning run with profits surging 47% year-on-year for the three months to 30 June 2017 on the back of another record breaking quarter at its flagship Solaire Resort & Casino in Manila.

The company reported profit of Ph1.96 billion (US$38.5 million) for the quarter, taking its half-year total to Ph4.1 billion – the highest on record and 24 times more than the same period in 2016.

Solaire’s VIP volume grew 14% year-on-year in 2Q17 to post the second-highest ever recorded since its opening in 2013. Thanks to a hold rate of 3.49%, Solaire also achieved a quarterly VIP GGR record of Ph6.23 billion – up 21% quarter-on-quarter and 9% year-on-year. On a cumulative basis, Solaire’s VIP volumes grew 25% to Ph401.19 billion.

Mass table drop and EGM coin-in generated strong year-on-year growth rates of 20% and 29% respectively, also reaching record quarterly highs. In 2Q17, Solaire generated Ph9.06 billion and Ph44.64 billion of mass table drop and EGM coin-in respectively.

On a sequential basis, Solaire’s mass table drop and EGM coin-in grew 8% and 5% respectively, while for the half year mass table drop was up 22% to Ph17.42 billion and EGM coin-in up 28% to Ph86.99 billion. 

“We are gratified to see the continuing results of our efforts to level up Solaire’s game,” said Bloomberry Chairman and CEO Enrique Razon Jr. “There will be no let-up in these efforts. We are on track and we will continue to focus on surpassing our previous achievements.” 

Bloomberry reported consolidated EBITDA for the quarter of Ph3.64 billion, a 15% sequential increase but 11% lower year-on-year. That year-on-year decrease is down to a new gaming tax structure, with the company noting that consolidated EBITDA would have increased 14% if the same structure was used as in 2Q16.

Bloomberry also reported a 21% year-on-year GGR increase at its Jeju Sun Hotel & Casino in Korea to Php 114 million, aiding company-wide consolidated GGR in rising 16% year-on-year to Ph12.22 billion.

Non-gaming revenues grew 40% year-on-year in 2Q17 to Ph790 with Solaire’s over-all hotel occupancy at 90.7%, down slightly sequentially but up 7.3% on the same period in 2016.

 

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