Bloomberry Resorts Corp.’s nine-month profit increased 33 percent to P8.57 billion, from P6.441 billion the year earlier.
Net profit increased despite foreign exchange losses and higher interest expenses as a result of the full drawdown of the P73.5 billion syndicated loan in the first half of 2018.
Bloomberry, which operates Solaire Resort & Casino and Jeju Sun Hotel & Casino in Korea, reported gross gaming revenues (GGR) of P45.85 billion, up 21 percent from P38.04 billion last year. Total GGR at Solaire Resort rose 20 percent to P45.348 billion.
VIP, mass tables and electronic gaming machines revenues were higher by 32 percent, 6 percent and 18 percent. Net revenue stood at P35.697 billion, up 24 percent from P28.84 billion last year.
Despite the recent strength of the VIP business which was fueled by a higher than normal VIP win rate, the mass gaming segments continue to be the greatest source of near-term and long-term growth for Solaire.
“I am pleased to report third quarter net profit of P3.91 billion, representing a 245 percent year-on-year increase despite incurring higher interest expenses and foreign exchange losses. We are now in the last stretch of 2019 and we look forward to delivering a strong set of full year results,” said Enrique Razon Jr., Bloomberry chairman.