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Bloomberry Resorts Corp., the operator and owner of Solaire Resorts and Casino in Parañaque City, said consolidated net income climbed 38 percent in 2019 to P9.9 billion from P7.2 billion in 2018 on the back of a double-digit growth in gaming revenues.
Bloomberry chairman and chief executive Enrique Razon Jr., however, said the company was “off to a rough start” this year amid the threat of coronavirus disease.
“We are off to a rough start in 2020 as we contend with the tourism impact of an official world health emergency. However, we remain steadfast and aim to demonstrate our resilience by working towards another year of operating excellence,” Razon said.
“We continue to focus on our next leg of growth as work on Solaire North progresses smoothly. We are on track to complete the project in the second half of 2023,” he said.
Bloomberry said despite the increased competition, total gross gaming revenue at Solaire grew 17 percent to P59.8 billion last year from P51 billion in 2018. It said the growth was supported by higher hold in VIP and strength in the mass gaming segments.
Mass table drop and electronic gaming machines coin-in at Solaire reached P51.5 billion and P255.1 million, representing year-on-year growth of 15 percent and 20 percent, respectively.
Non-gaming revenues jumped 21 percent in 2019 to P8.2 billion from P6.8 billion in 2018.
Non-gaming revenue at Solaire increased 23 percent to P8 billion, even as hotel occupancy declined to 90.5 percent from 92.6 percent in 2018.
It said that at Jeju Sun in South Korea, non-gaming revenues declined by 41 percent year-on-year to P129 million because of comprehensive renovation works that put 80 percent of the property’s hotel rooms and all four of its F&B outlets out of commission for most of 2019.
Bloomberry is set to start construction of its second integrated resort and casino project at Vertis North in Quezon City this year.
The project, which will also be under the Solaire Resorts and Casino brand, is slated for completion by 2023.
The share price of Bloomberry fell 4.62 percent Wednesday to close at P7.63.