Net profit of Philippine-listed casino operator Bloomberry Resorts Corp. jumped to a record of PHP3.691 billion (US$71.2 million) in the first quarter of 2018 on the back of robust mass market and VIP gaming.
The firm’s gross gaming revenue (GGR) was up 28.3% to PHP13.75 billion ($264.77 million), and accounted for 94.4 percent of Bloomberry’s overall Q1 revenue.
Reported earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 44 percent year-on-year to PHP4.537 billion ($87.37 million), the highest ever reported in a quarter, according to the casino operator.
“We are off to a good start. Our fundamentals are solid, our cost optimization initiatives are working, so we should be on tract to making this a banner year,” Bloomberry Chairman and CEO Enrique Razon, Jr. said in a statement.
The Manila-based firm operates Solaire Resort & Casino in the Entertainment City gaming zone in Manila and the Jeju Sun Hotel & Casino in Jeju Island, South Korea.
Solaire’s GGR was at PHP13.69 billion ($263.62 million), up 28.5 percent from PHP10.66 billion ($205.3 million) in Q1 2017. Solaire generated its highest quarterly mass table drops and electronic gaming machine (EGM) coin-ins, rising 17% and 23%, respectively.
Despite seeing a 12 percent drop in VIP volumes, Solaire’s VIP gross gaming revenue hit PHP7.1 billion ($136.72 million), up 39 percent year-on-year.
Solaire’s hotel and food and beverage revenue increased by PHP9.5 million ($182,933) or 1.8 percent.
Meanwhile, Jeju Sun continued to be a drag for Bloomberry, with gross gaming revenue dropping 13 percent to PHP51 million ($982,063) in the first three months of 2018. The firm attributed the decline to the decreasing number of Chinese tourist arrivals in Jeju as well as tough competition from other casinos.