Bloomberry Resorts Corporation continues to break its own records, with Consolidated EBITDA hitting a new high of Php5.0 billion (US$96 million) in 2Q19 thanks to higher VIP hold and record levels of mass table drop and EGM coin-in at its Philippines IR, Solaire Resort & Casino.
Solaire’s gross gaming revenue for the quarter grew 19% year-on-year to Php14.62 billion (US$281 million) thanks largely to good luck in VIP. Although VIP volume decreased 5% to Php177.05 billion, revenue rose 33% to Php6.18 billion on the back of a 3.49% hold rate – up from 2.49% in 2Q18.
Conversely, mass table drop grew 14% year-on-year to Php12.51 billion but revenue fell 3% to Php4.08 billion due to hold rate declining. EGM coin-in increased 23% to Php65.48 billion and revenue by 26% to Php4.36 billion.
Non-gaming revenues at Solaire increased 22% to Php1.98 billion driven by higher rental income and incrementally higher hotel and F&B revenues.
Hotel occupancy fell from 93.2% to 89.4%, with Bloomberry putting the decline down to the closure and planned conversion of the Grand Ballroom into new gaming space which it says resulted in fewer hotel bookings associated with conventions and other pre-booked events.
Bloomberry’s Korean casino, Solaire Korea, saw revenue climb 157% year-on-year to Php135 million on the back of what it describes as competitive casino programs. It added that, while operating expenses in Korea also increased by Php45 million, this was driven by higher gaming promotions which generated Php82 million in additional revenues.
Bloomberry’s consolidated net profit grew 52% year-on-year and 11% sequentially to Php2.45 billion (US$47 million).
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