- GGR up 17% in 2017 to Php44.93 billion
- VIP volumes up 11%
- Mass table drop up 21%
- Record results at Solaire
- Company EBITDA up 17% to Php12.35 billion
- Net profit up 161% to Php6.06 billion
- Low 4Q17 hold sees GGR fall 2%
Philippine casino operator Bloomberry Resorts Corporation reported record revenue in 2017, despite low hold at its flagship Solaire Resort & Casino negatively impacting the company’s fourth quarter results.
Gross gaming revenue grew 17% in 2017 to Php44.93 billion (US$863.6 million), aided by an 11% increase in VIP volumes, 21% growth in mass table drop and 29% boost in EGM coin-in at Solaire. Non-gaming revenues increased by 40% to also hit a record Php3.34 billion.
On a consolidated basis, less the Php11.55 billion in promotional allowances and contra accounts, Bloomberry reported Php33.38 billion in net gaming revenues, 19% higher year-on-year.
Solaire’s gross gaming revenues grew 16% to Php44.519 billion – the highest on record since opening – with Korean casino Jeju Sun contributing Php407 million.
Company EBITDA for the year was also up 17% to Php12.35 billion, while net profit grew 161% to Php6.06 billion (US$116.5 million) year-on-year including an 81% increase in Solaire’s profitability to Php6.269 billion. Jeju Sun reported reduced losses of Php207 million, an improvement on losses of Php1.14 billion in 2016.
“Going into our fifth year of operation has become even more exciting with our 2017 results in sync with the growth trajectories we have aimed for,” said Chairman and CEO Enrique Razon Jr.
“This is largely due to our top-notch management team and the thousands of Bloomberry and Solaire men and women, whose tireless drive and dedication keep us notches ahead.”
Gross gaming revenue in 4Q17 fell 2% year-on-year and 11% sequentially to Php10.27 billion due to a low hold rate of 1.95%. Despite the fall in GGR, Solaire posted a new record high for mass table drop while VIP volumes were up 17% year-on-year and mass table drop and EGM coin-in up 19% and 23% respectively.
On a sequential basis, VIP volumes were up 7% while mass tables were essentially flat.
Bloomberry reported Php2.111 billion in EBITDA for the quarter, down 39% quarter-on-quarter and 22% year-on-year. The low 1.95% VIP hold rate compared with a 2.85% VIP hold rate in the same period last year.
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