Bloomberry Resorts Corp., the owner and operator of Solaire Resorts and Casino in Parañaque City, said Thursday net income surged 161 percent in 2017 to P6 billion from a year ago, on record gaming revenues.
Blommbery said in a financial statement filed with the stock exchange gross revenues hit a record P48.26 billion in 2017, up 18 percent from P40.9 billion in 2016.
Solaire said gross gaming revenues reached P44.5 billion in 2017, the highest since the resort opened in 2015. The non-gaming segment also performed strongly in 2017 with revenues of P3 billion, up 41.6 percent from the 2016 level.
“Going into our fifth year of operation has become even more exciting with our 2017 results in sync with the growth trajectories we have aimed for. This is largely due to our top notch management team and the thousands of Bloomberry and Solaire men and women, whose tireless drive and dedication keep us notches ahead,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
Bloomberry said Solaire registered robust growth across all segments with record VIP volume, mass table drop and slot coin in 2017, posting 11.4 percent, 21.3 percent and 29 percent growth respectively.
Hotel and food and beverage revenue increased 31.7 percent to P536.7 million, with hotel occupancy improving to 90.7 percent from 85.4 percent in 2016.
Retail and other revenues also climbed 80.3 percent to P347 million last year, as a result of additional rental revenue from new tenants.
Bloomberry’s Korean operations under Jeju Sun Hotel & Casino also reported significant improvement in gaming revenues, doubling in 2017 to P407 million despite operating in a very challenging environment due to the 75.5-percent decline in Chinese tourist arrivals.
Jeju Sun narrowed its net loss to P206.9 million in 2017 from P1.1-billion net loss in 2016.
The company is expected to start developing a new hotel and casino project in Quezon City. The planned mixed-use development, which will sit on a 1.5-hectare lot in Vertis North that Bloomberry acquired from the National Housing Authority in 2014, is expected to be completed after two years.