Philippine casino operator Bloomberry Resorts Corp reported Q3 profits rising nearly one-third based on a thriving mass market business at its flagship Manila integrated resort.
On Thursday, Bloomberry released its Q3 earnings report, which showed revenue of P9.6b (US $187.2m) in the three months ending September 30, a 22.3% rise over the same period last year. Earnings were up 33% to P3.4b, while net profits rose 31% to P1.85b.
Business was booming at Bloomberry’s Solare Resort & Casino in Manila’s Entertainment City gaming district. Mass table drop was up 22% year-on-year to P9.7b, a new quarterly record, while mass electronic gaming machine (EGM) coin-in shot up 38% to P49.7b, also a record.
Solaire’s VIP gaming turnover declined 13% but VIP revenue improved 14% to P5.4b based on Q3 2016 having endured a pitifully low 2.16% VIP win rate, which rebounded to 2.83% in the most recent quarter. And while turnover and revenue were both down from Q2, the VIP turnover figure still ranked third-best since Solaire opened in 2013.
Jeju Sun Hotel & Casino, Bloomberry’s South Korean property, reported its first ever positive quarterly earnings since Bloomberry acquired the property in 2015. Jeju Sun’s gross gaming revenue was up a whopping 436% to P151m, as the property was wholly preoccupied last year with its ultimately aborted sale to a Macau junket operator.
Bloomberry boss Enrique Razon Jr. (pictured) hailed his company’s ongoing growth and held out hope that this “uptrend” would persist through the remainder of 2017. “Our top line and bottom lines are positive and, despite some minor hiccups, I am confident that 2017 will be a banner year.”
Year-to-date figures are rosy indeed, with revenue up 28% to P28b, earnings up 30% to P10.2b and profits jumping 275% to just under P6b.