Philippines casino operator Bloomberry Resorts Corp has announced its most successful quarter ever, with record EBITDA and gaming revenues across both the VIP and mass market sectors in the three months to 31 March 2018.
The company recorded gross gaming revenue of Php13.7 billion (US$263.7 million) in 1Q18, an increase of 28% year-on-year and 33% for the quarter on the back of its flagship property, Solaire Resort & Casino, located in Manila’s Entertainment City precinct.
Despite a 12% dip in VIP volumes, the results included a 39% increase in VIP revenue to Php7.1 billion thanks to a high hold rate of 3.61%
But it was mass that was the star of the show, with Solaire generating its highest quarterly mass table drop and electronic gaming machine (EGM) coin-in, up 17% and 23% respectively year-on-year. Mass revenue for the quarter was Php3.3 billion, an increase of 17% on 1Q17.
As a result, Bloomberry also reported an all-time quarterly EBITDA high of Php4.5 billion, an increase of 44% over the same period last year and more than double its EBITDA of Php2.1 billion in 4Q18.
Solaire’s EBITDA of Php4.7 billion was reduced by the negative Php125 million in EBITDA of the company’s Korean casino Jeju Sun, which saw GGR decline 13% to Php51 million due to the ongoing fall in Chinese tourist arrivals.
“We are off to a good start. Our fundamentals are solid, our cost optimization initiatives are working, so we should be on track to make this a banner year,” said Chairman and CEO Enrique Razon Jr.
Bloomberry reported profit of Php3.7 billion for the quarter, a significant increase on its Php2.2 billion in profit in the same period last year.
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