Bloomberry Resorts Corp., the owner and operator of Solaire Resort & Casino in Parañaque City, said Thursday it swung back to profit last year on higher gaming revenues and improved hotel occupancy.
Bloomberry said in a disclosure to the stock exchange it posted a net income of P2.32 billion in 2016, a sharp turnaround from the P3.37-billion net loss it registered in 2015.
“The year was not without its challenges, but our continuing programs on financial management, marketing, property and systems improvements and staff engagement rallied us through. Overall, we are more than pleased with the results that put us in good standing with the competition. We hope to use this position of strength to carry us into, if not surpass, the results for the current year,” said Bloomberry chairman and chief executive Enrique Razon Jr.
Gross revenues jumped 19.1 percent to P40.9 billion from P34.2 billion in 2015 with gaming revenues accounting for 94.2 percent of the total. Solaire, the company’s $1.2-billion gaming and resort casino, registered gross gaming revenue of P38.3 billion in 2016, the highest since it opened in 2013.
Solaire generated record VIP volume growth of 12 percent while while mass table drop grew 12 percent and EGM (electronic gaming machine) coin-in increased 18 percent.
Non-gaming revenues climbed 26 percent to a record P2.381 billion, on continued improvement in Solaire’s hotel, food and beverage, retail and other segments. Hotel occupancy in 2016 improved to 85.4 percent from 79.2 percent in the previous year. Total visits hit 5,124,028 last year, up 6.4 percent from 2015.