Philippines’ Bloomberry Resorts Corporation has reported record profits for the third quarter of 2019. In a filing with the Philippine Stock Exchange, the casino and hospitality giant reported a Q3 net profit of approximately PHP3.91 billion ($77.2 million).
The figure represents a 245% increase in profits when compared with what the company took for the same period the previous year.
The stunning increase in profits has been attributed to the unprecedented performance of its Solaire gambling facility. According to the filing with the Philippine Stock Exchange, the integrated resort grossed an income of PHP4.2 billion representing an increase of 283.9% over the same period the previous year.
The increase has been attributed to higher earnings before interest, taxation, depreciation, and amortization (EBITDA).
Commenting on the strong performance and record profit figures, Enrique Razon, the chairman and chief executive of Bloomberry, said that he was pleased with the report.
“I am pleased to report a third-quarter net profit of PHP3.91 billion … despite incurring higher interest expenses and foreign exchange losses.”
“We are now in the last stretch of 2019 and we look forward to delivering a strong set of full-year results,” he added.
In its statement, the company said: “Despite the recent strength of the VIP business which was fueled by a higher than normal VIP win rate, the mass gaming segments continue to be the greatest source of near-term and long-term growth for Solaire.”