Bloomberry Resorts Corp., the owner and operator of Solaire Resort & Casino in Parañaque City, said Monday it booked a net profit of P1.59 billion in the first nine months, a turnaround from the P1.51-billion net loss a year ago.
Bloomberry said in a disclosure to the stock exchange its unaudited revenues net of promotional allowance increased 13 percent in January to September to P21.96 billion from P19.424 billion in the same period last year.
Gross gaming revenues grew 14 percent to a record P28.028 billion, while non-gaming revenues also surged 24 percent to P1.72 billion.
Bloomberry said VIP volume in the first nine months went up 36 percent, while mass table drop and electronic gaming machine coin-in increased 9 percent and 14 percent, respectively.
Nine-month non-gaming revenues grew 24 percent to a record P1.719 billion, mainly on the back of significant improvement from Solaire’s hotel, food and beverage, retail and others segments, which increased 21 percent and 56 percent, respectively.
Bloomberry said in the third quarter alone, it posted P1.42 billion in net profit, a reversal from the P189-million net loss in the same period last year as third-quarter revenues jumped 11 percent to P7.85 billion.
The third quarter also produced the best quarterly VIP volume, mass table drop and EGM coin-in for Solaire with year-on-year growth rates of 61 percent, 10 percent and 16 percent, respectively.
The company also reported that its Korean operations under Jeju Sun Hotel & Casino posted a turnaround in the third quarter with P74-million net profit from a P252-million net loss posted in the previous quarter.
“Our onemindedness to manage costs and capital will see us maintaining this growth trajectory up to the end of the year. We are confident that the effects of these initiatives will carry on into the coming year, but we will nonetheless continue to be discerning and persevere in making Solaire the premium go-to Philippine destination,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
Share price of Bloomberry on Monday closed higher by 3.2 percent to P6.50.
