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Record mass performance helps Bloomberry 2Q18 growth after bad luck in VIP

Wednesday, 08 August 2018 18:37
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Bloomberry Resorts Corporation continued its recent surge in 2Q18, recording a new all-time high for quarterly mass table drop and EGM coin-in at flagship property Solaire.

But the company’s net profit took a hit due to low VIP hold and a significant loss at its Jeju Sun Hotel & Casino in Korea, falling 18% year-on-year to Php1.6 billion.

Solaire’s VIP volume grew 5% percent on 2Q17, however hold fell from 3.61% last year to 2.49% this time around, resulting in a 25% fall in VIP GGR to Php4.7 billion.

Despite the decline in VIP revenue at Solaire, Bloomberry managed a 1% increase in consolidated GGR to Php12.4 billion on the back of Solaire’s record performance in the mass segment. Mass table drop grew 21% to Php11.0 billion and EGM coin-in 19% to Php53.2 billion, leading the way for a 3% increase in consolidated EBITDA to Php3.7 billion. Hold-normalized EBITDA was up 38% to Php4.1 billion.

“We continue to make progress towards establishing a solid enterprise,” said Bloomberry Chairman and CEO Enrique Razon Jr. “Our fundamentals remain strong and we look forward to a busy second half and end 2018 with robust full year results.” 

Non-gaming revenues in the quarter grew 15% to Php908.6 million.

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