The operator of Bloomberry Resort Corp stated that this year the profit rise was PHP7.7 billion showing an 18% rise from previous year. It was the highest recorded since the launch of Solaire Resort and Casino in Capital of Philippine, Manila in 2017. Jeju Sun Hotel and Casino are also operated by Bloomberry resorts on Jeju island.
In Tuesday’s press they announced their EBITDA growth of PHP14.9 billion indicating 21% rise from 2017 that is the highest after opening of Solaire. Solaire made up PHP15.14 billion of EBTIDA balancing the PHP240 million loss by Jeju Sun. There was 16% annual net revenue growth to PHP38.22 billion.
Company attributed this growth to higher gaming volumes and Gross Gaming Revenue (GGR). There was a GGR rise of 14% to PHP50.97 billion at Solaire and annual net gaming revenue increased to 14% to PHP48.2 billion.
There was a greatest recorded rise of 2% over PHP810.2 billion of VIP market volume. Win rate was 2.69%, GGR rose to 5% to PHP21.82 billion while 10% was allocated to promotional allowance.
The mass-market table games rose the most by 2% to PHP44.89 billion. There was a coin-in rise of 15% PHP211.9 billion in electronic gaming machine. Casino visitors rose to 14% to 6.65 million.
The mass-market table games rose by 27% to PHP15.26 billion. There was a rise of 18% to PHP13.9 billion in electronic gaming machine.
The Philippine cost of sales of operations rose to PHP465.3 million which according to group was “partially offset” by PHP3.6 million less than cost of sales of South Korean property.
Enrique Razon, chairman and chief executive of Bloomberry Resorts, stated, “Bloomberry continues to be a trailblazer in the Philippine gaming and entertainment scene, with our world-class integrated resort offering, Solaire Resort and Casino, delivering record revenues and profits in 2018.”
Bloomberry Resorts’ subsidiaries inked an agreement of 10-year loan of PHP40 billion, “to partially finance the design, construction and development of an integrated hotel and gaming resort located at the Vertis North Complex in Quezon City, Metro Manila”.
There was a GGR rise of 19% to PHP484 million at Jeju Sun foreigners-only casino.
The reason of rise was “the increased level of play in VIP and mass segments as a result of the highly competitive marketing programs of Jeju Sun,” the company stated.
In November, Philippine-based operator informed about 39% profit drop per year disappointing VIP hold.