Bloomberry Resorts Corp., the owner and operator of in Parañaque City, said Tuesday net income jumped 71 percent in the first quarter to a record P3.69 billion from P2.15 billion a year ago.
Bloomberry said in a disclosure to the stock exchange first-quarter gross revenues hit P14.5 billion, up 26.6 percent from P11.3 billion it booked a year earlier.
First-quarter gross gaming revenues surged 28.3 percent to P13.7 billion from P10.6 billion in the same quarter in 2017.
“We are off to a good start. Our fundamentals are solid, our cost optimization initiatives are working, so we should be on track to making this a banner year,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
Bloomberry said Solaire generated its highest quarterly mass table drops and electronic gaming machine coin-ins in the first three months, which grew 17 percent and 23 percent, respectively.
It said VIP gross gaming revenues grew 39 percent year-on-year to P7.11 billion.
Non-gaming revenues also went up by 4 percent to P816 million, on higher retail and other income that came from additional rental income from new outlet stores at TheShoppes@Solaire.
First-quarter expenses increased 21.5 percent year-on-year to P7.829 billion, but on a sequential basis, declined 6 percent as a result of foreign exchange gains generated in the quarter.
It said the increase in expenses was due to higher gaming taxes, other taxes and licenses, advertising and promotion and cost of sales.
Bloomberry’s Korean casino business under Jeju Sun Hotel & Casino continued to feel the effects of competition and was negatively affected by the decline in Chinese tourist arrivals in Jeju, Korea.
Jeju Sun managed to generate P51 million in gross gaming revenues, down 13 percent from last year.