Bloomberry Resorts Corporation (BLOOM PM), owner and operator of the Solaire Resort & Casino and Jeju Sun Hotel & Casino, posted record Q3 mass table drop and gross gambling revenue from electronic gaming machines, while VIP volumes slipped.
Total gross gaming revenue at Solaire in the Philippines increased by 16.6 percent to P11.5 billion as compared to the same quarter last year. Non-gaming revenue reached a record high of P810.2 million, 52 percent higher year-on-year. Net income rose 31 percent to P1.85 billion.
Mass table drop and slot coin-in, grew by 22.4 percent and 38.2 percent, respectively. VIP volume decreased by 12.7 percent, but VIP gross gaming revenues managed to post double digit growth of 14.3 percent because of higher hold rate of 2.83 percent compared to last year’s 2.16 percent. On a hold normalized basis, VIP revenue would had edged up just 1 percent.
Total visitation for the third quarter of 2017 was 1,466,841, 14.6 percent higher.
In South Korea, the Jeju Sun continued to show signs of improvement, with Q3 gaming revenues up more than five times compared to the previous year at P151 million. Bloomberry attributed the increase to improved management and operations after a major overhaul late last year. The gains also come despite a slump in tourism to the island due to a ban by China on travel groups, which has now been lifted.
Enrique K. Razon Jr., Bloomberry chair and CEO, says: “We continue to grow across all sectors, and hope to see this uptrend continue until the end of the year. Our top line and bottom lines are positive and, despite some minor hiccups, I am confident that 2017 will be a banner year.”