Higher gaming revenue and improved hotel occupancy helped Philippine-listed casino operator Bloomberry Resorts Corp. claw its way back to profitability, raking a Php2.32 billion (US$46.07 million) net profit in 2016.
In a disclosure to the Philippine Stock Exchange, the Enrique Razon-led casino operator pointed out that strong volumes on all its gaming segments pushed its gross revenue up 19.1 percent to P40.9 billion in 2016, from P34.2 billion in 2015. The firm’s gaming revenues accounting for 94.2% of total revenues.
Bloomberry was also able to erase the retained losses in its balance sheet as it booked P87 million (US$1.7 million) in retained earnings by the end of 2016.
“The year was not without its challenges, but our continuing programs on financial management, marketing, property and systems improvements, and staff engagement rallied us through,” Enrique Razon Jr, Bloomberry chairman and chief executive said in a statement. “Overall, we are more than pleased with the results that put us in good standing with the competition. We hope to use this position of strength to carry us into, if not surpass, the results for the current year.”
Solaire Resort and Casino, the company’s $1.2-billion gaming and resort casino, posted a gross gaming revenue of P38.3 billion for 2016, the highest in a year since it opened in 2013.
Data provided by Bloomberry showed that its Philippine integrated resort notched a record VIP volume growth of 12%, while mass table drop surged by 12% and electronic gaming machine (EGM) coin-in grew by 18%.
On the other hand, Solaire’s non-gaming revenues grew 26% to a new annual record of PHP2.381 billion ($47.26 million) due to continued improvements in the integrated resort’s hotel, food and beverage, as well as retail and other segments.
The Philippine casino operator pointed out that its 2016 net profit would have been at PHP3.46 billion (US$68.71 million) if not for a drag caused by its Jeju Sun Hotel & Casino in South Korea.