Bloomberry swings to $46.1 mln net profit in 2016

Philippine casino operator Bloomberry Resorts Corporation posted a net profit of P2.3 billion (US$46.1 million) for the year ended December 31, 2016, according to a filing to the Philippine Stock Exchange on Friday.

The profit result was a strong turnaround from the P3.4 billion (US$66.9 million) net loss recorded in 2015.

Bloombery said that results were “moderated” by losses from Korea.

“Without the drag from Korea, Solaire would have reported a P3.460 billion net profit, compared to a P2.377 billion net loss in 2015.”

The operator of Solaire Resort and Casino posted net revenue of P30.4 billion in 2016, up 21.2 percent from the previous year.

Gross gaming revenue grew to a record P38.5 billion in the full year 2016, up 18.7 percent from 2015, while non-gaming revenues increased 26 percent to a record P2.4 billion.

EBITDA more than doubled to P10.6 billion in the year, up 5 percent from the previous record high in 2014.

The company said it recorded strong growth amongst all gaming segments at its Solaire Resort & Casino.

“In 2016, Solaire generated record VIP volume, mass table drop and electronic gaming machine (EGM) coin-in, with VIP volume growth of 29 percent, while mass table drop grew by 12 percent and EGM coin-in grew by 18 percent,” said the company.

In the fourth quarter ended Dec. 31, 2016, Solaire also posted a new record high for mass table drop and EGM coin-in with both segments, reporting positive year-on-year and sequential growth. Philippine VIP volumes were up 13 percent year-on-year while mass table drop and EGM coin-in grew by 20 percent and 30 percent, respectively. On a sequential basis, mass tables drop and EGM coin-in grew three percent and nine percent, respectively, from the previous quarter.

16Q4 EBITDA went up 4 percent sequentially to P2.7 billion, up from P546 million in 15Q4.

Enrique K. Razon Jr., Bloomberry chairman and CEO, said, “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. 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.”