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Bloomberry’s net income rose 18% to P7.1b in 2018

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Bloomberry Resorts Corp., the owner and operator of Solaire Resort & Casino in Parañaque City, reported a record consolidated net profit of P7.16 billion in 2018, up 18 percent from 2017 on the back of double-digit growth in gaming revenues.

Bloomberry said in a disclosure to the stock exchange it increased its net revenues by 6 percent to P38.22 billion last year despite the ramp-up of rival Okada Manila, the newest player within the Entertainment City complex.

“I am pleased to report that 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 chairman and chief executive Enrique Razon Jr. said.

“We look forward to 2019 and to sowing the seeds of our future growth, as we anticipate to break ground on our second integrated resort in Quezon City this year,” he said.

Total gross gaming revenues at Solaire hit P50.97 billion in 2018, up 14 percent year-on-year.

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Solaire’s VIP volumes in 2018 were the highest ever for the property at P810.233 billion, increasing by two percent from 2017.

Full-year mass table drop and electronic gaming machines coin-in at Solaire also reached record highs of P44.89 billion and P211.88 billion, representing year-on-year growth of 22 percent and 15 percent, respectively. 

Total gross gaming revenues at Solaire reached P13.231 billion in the fourth quarter, or 29 percent higher compared to the same period in 2017. 

Bloomberry’s Jeju Sun Hotel & Casino in South Korea reported a 19-percent increase in gross gaming revenues to P484 million despite the gambling prohibition on locals and meaningfully deteriorated tourist visitation.

Non-gaming revenues jumped 11 percent to a record P6.61 billion, driven by higher hotel occupancies at both the Bay and Sky Towers, higher frequency of productions in the Theatre at Solaire and increased rental income from new tenants at The Shoppes.

Hotel occupancy at Solaire in 2018 was 92.6 percent, representing a 1.9-percentage-point increase from the 90.7 percent occupancy in 2017.

Bloomberry announced in February that it obtained a P40-billion loan to fund its planned second casino project in Vertis North Complex in Quezon City.

The company plans to start constructing the new casino and resort facility by the mid-2019.

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