Bloomberry’s profit jumped 52% to P2.5b in 2nd quarter

Bloomberry Resorts Corp., the owner and operator of Solaire Resorts & Casino, posted a net income of P2.5 billion in the second quarter of the year, up 51.6 percent from P1.6 billion year-on-year. 

Bloomberry said in a financial report filed with the Philippine Stock Exchange second-quarter revenues gross gaming revenues of Solaire rose 17.2 percent to P13.55 billion from P11.56 billion in the second quarter of 2018, boosted by robust growth in mass table drop and slot coin-in in the second quarter of 2019. 

Revenues from mass table drop and slot coin-in grew 13.9 percent and 23.1 percent to record levels of P12.5 billion and P65.5 billion, respectively. 

The volume from the VIP segment, meanwhile, fell 5.4 percent.

Non-gaming revenues, comprising of hotel, food and beverage sales, increased 12.7 percent in the second quarter of 2019 to P1 billion on higher average daily room rate and occupancy rate.

Bloomberry also owns Jeju Sun Hotel & Casino  in South Korea. Jeju Sun registered P134.7 million in gross gaming revenues in the second quarter of 2019, up 157 percent from P52.4 million on year.

Bloomberry attributed the significant rise to the increased level of play in VIP and mass segments as a result of the highly competitive casino programs of Jeju Sun.

Bloomberry’s net income in the six-month period fell by 12.3 percent to P4.7 billion from P5.33 billion on year.

Solaire registered a net income of P5 billion in the second quarter of 2019, a decrease of 15.9 percent from last year’s P6 billion mainly due to higher foreign exchange losses and interest expense.

Gross gaming revenues climbed 6.6 percent in the first half of the year to P26.15 billion from P24.53 billion. 

Jeju Sun registered a net loss of P369.3 million in the first half of 2019, an improvement over the loss of P667.9 million in the same period last year.

The gaming firm also reported over 3.2 million visitors in Solaire in the first half of 2019, down 2.7 percent on year.

Share price of Bloomberry on Thursday rose 6.2 percent to P11.90.