Bloomberry Resorts Corp., the owner and operator of Solaire Resort & Casino, said Monday it posted a net income of P2.15 billion in the first quarter, a reversal of the P1.15-billion net loss it incurred in the same period last year, on record gaming revenues.
Bloomberry said in a disclosure to the stock exchange its Korean operations under Jeju Sun Hotel & Casino also booked its first ever profitable quarter with P324 million in income, led by foreign exchange gains.
Consolidated gross gaming revenues rose 40 percent to P10.71 billion, as Solaire’s VIP volume grew 35 percent year-on-year to post a new all-time high.
Solaire’s mass table drop and electronic gaming machines coin-in generated strong year-on-year growth rates of 24 percent and 26 percent, respectively, to also hit new quarterly records.
“We are very pleased that the turnaround and headway we experienced in 2016 continued to be felt in the first quarter of the year. We are convinced that this trending will go on for the rest of the year. Our programs on fund management, cost containment and customer engagement across the entire organization are reverting to us with winning points,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
Non-gaming revenues in the quarter grew 41 percent to P786 million, with hotel occupancy continuing to further improve to 92.6 percent from 84.9 percent in the first quarter of 2016.
First-quarter expenses fell 2 percent on substantial reversals in its Korean operations and the continued cost-containment initiatives and programs.
Meanwhile, Travellers International Hotel Group Inc., the operator of Resorts World Manila, reported a net income of P685 million in the first three months, down 60 percent from P1.15 billion a year ago.