Bloomberry Resorts Corp’s Solaire Resort & Casino saw its gross gaming revenue increase by 17% to Php59.8 billion (US$1.18 billion) in 2019, overcoming a decline in VIP volume thanks to strong hold and continued growth in the mass market.
Reporting its 4Q19 and full year results on Wednesday, Bloomberry said that VIP volume fell 5% in 2019 to Php771.4 billion (US$15.2 billion) but a win rate of 3.40%, up from 2.69%, resulted in a 20% improvement in VIP GGR to Php26.2 billion (US$518 million).
Meanwhile, mass table drop and EGM coin-in at Solaire reached Php51.5 billion and Php255.1 billion, increasing by 15% and 20% respectively. As a result, mass GGR grew 10% to Php16.7 billion (US$330 million) and EGM revenue by 21% to Php16.8 billion (US$332 million).
The trend was similar in 4Q19, where GGR increased 9% to Php14.5 billion, despite a 10% decline in VIP GGR. Bloomberry said that mass table GGR grew 21% and EGM revenue by 30% in the quarter.
For FY19, Bloomberry’s consolidated EBITDA was Php19.8 billion (US$391 million), an increase of 33% on 2018, with Solaire’s EBITDA contribution of Php20.3 billion offset by the Php463.5 million in negative EBITDA recorded at Solaire Korea’s Jeju Sun.
Consolidated EBITDA in the fourth quarter was Php4.0 billion, up 17% compared to Php3.4 billion in the same quarter of 2018.
Despite reporting negative EBITDA, Jeju Sun at least showed some positive momentum with GGR rising 18% to Php573.1 million.
Bloomberry’s consolidated net profit grew 38% to Php9.9 billion (US$196 million) in 2019, including an 87% rise in 4Q19 to Php1.4 billion.
Chairman and CEO Enrique K Razon Jr said the company continued to work towards excellence but warned of some difficulties ahead due to the impact of coronavirus.
“We are off to a rough start in 2020 as we contend with the tourism impact of an official world health emergency,” he said. “However, we remain steadfast and aim to demonstrate our resilience by working towards another year of operating excellence.
“We continue to focus on our next leg of growth as work on Solaire North progresses smoothly. We are on track to complete the project in the second half of 2023.”
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