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Solaire mass market leads Bloomberry to another dominant quarter

Friday, 10 November 2017 04:34
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Bloomberry Resorts Corporation has seen its 3Q17 profits soar 31% to Php1.9 billion on the back of gaming revenue of Php11.64 billion – the second highest quarter in the company’s history.

Revenue increased by 18% year-on-year as Bloomberry’s flagship Manila property Solaire continued to surge, particularly in the mass market segment where table drop grew 22% and EGM coin-in 38% to hit new record quarterly highs. In 3Q17, Solaire generated Php9.67 billion and Php49.69 billion of mass table drop and EGM coin-in respectively. On a sequential basis, Solaire’s mass gaming segment continued to maintain its momentum with its mass table drop and EGM coin-in growing 7% and 11% respectively. Cumulatively, Solaire’s mass table drop grew 22% to Php27.09 billion while its EGM coin-in grew at 31% to Php136.69 billion.

In the VIP segment, Solaire’s VIP volume grew 6% quarter-on-quarter to post the third highest quarterly volume since its opening in 2013. VIP GGR actually fell 14% sequentially to Php5.38 billion due to a substantial decrease in VIP hold rate to 2.83%, from 3.49% in 2Q17, but rose 14% year-on-year due to a very low 2.16% VIP hold rate in the same period last year. On a cumulative basis, Solaire’s VIP volume grew 10% to Php591.20 billion while its VIP GGR rose 23% to Php16.74 billion.

Bloomberry Chairman and CEO Enrique Razon Jr said, “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.”

The company’s Korean property, Jeju Sun, booked a 122% year-on-year rise in GGR to Php324 million, reporting its first ever positive quarterly EBITDA.

Group wide, consolidated EBITDA rose 33% year-on-year to Php3.43 billion with consolidated EBITDA for the first nine months of the year up 30% year-on-year to Php10.23 billion. Hold-normalized consolidated EBITDA grew 15% quarter-on-quarter to Php3.44 billion, essentially the same as reported EBITDA due to a near normal 2.83% VIP hold rate.

Bloomberry’s profit for the nine months through 30 September grew 275% to Php5.97 billion.

 

 

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