Bloomberry Resorts swung to a profit in Q1, boosted by record VIP volumes and rising mass and slot revenues.
The operator of the Solaire Resort & Casino in Manila’s Entertainment City posted a profit of 2.15 billion pesos, compared with a loss of 1.15 billion pesos in the prior year quarter. Revenue surged to 8.58 billion pesos from 5.7 billion in Q1 last year.
Solaire reported VIP volume up 34.7 percent, mass table drop up 23.7 percent and slot coin in up 26.2 percent.
Gross gaming revenue jumped by 39.7 percent. The company said on a hold normalized basis, VIP revenue would have increased by 67.6 percent. VIP hold stood at 2.31 percent, below normal hold of 2.85 percent.
Total visitation for the first quarter of 2017 was 1,438,600 which was 19.4 percent higher than the same period last year.
The company’s gaming operations in South Korea, also reported robust revenue, of P58.9 billion, which was 2.5 times higher than the prior quarter.
Hotel and food and beverage revenue increased by P102.0 million or 23.5 percent for the first quarter of 2017 versus the same quarter last year. Solaire increased its REVPAR by 13.5 percent year-on-year and at the same time, managed to increase its hotel occupancy for the first quarter of 2017 to 92.6 percent from 84.9 percent in the previous year.
The hotel and F&B operation of Jeju Sun generated P41.8 million of revenue for this quarter which higher by 6.5 percent in comparative period in 2016.