Record VIP volume, mass table drop and electronic gaming machine (EGM) coin-in at its flagship Solaire Resort & Casino in Manila has helped Bloomberry Resorts Corporation record a 40% year-on-year increase in gross gaming revenue for the first three months of 2017.
Bloomberry’s unaudited financial results, released on Monday, included a massive Php3.31 billion (US$66.7 million) year-on-year swing to profitability, with the company reporting net profit of Php2.15 billion (US$43.3 million) following a loss Php1.16 billion (US$23.4 million) in 1Q16.
Group GGR reached Php10.7 billion (US$215.6 million) for the quarter, with Bloomberry Chairman and CEO Enrique Razon Jr stating, “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.”
Solaire’s VIP volume grew 35% year-on-year in 1Q17 to post a new all-time high, while VIP GGR grew 60% to its second-highest level since 2Q16.
Mass table drop and EGM coin-in generated year-on-year growth rates of 24% and 26% respectively, also new quarterly highs.
Bloomberry’s Jeju Sun property in Korea saw GGR rise 153% year-on-year from Php23 million to Php59 million (US$1.2 million), although this constituted just 1% of company GGR.
Bloomberg’s EBITDA rose 161% year-on-year and 17% sequentially to Php3.2 billion (US$64.5 million).