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Bloomberry nets P3.7B, up 71%

/ 05:28 AM May 09, 2018

Integrated gaming report operator Bloomberry Resorts Corp. saw a 71-percent year-on-year surge in first quarter net profit to a new quarterly high of P3.7 billion, boosted by an unusually large windfall from Solaire casino’s high-roller segment.

Bloomberry’s first quarter profitability was boosted by P738 million worth of foreign exchange gains and a lower promotional allowance.

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Solaire’s GGR from the high-roller or VIP segment rose by 39 percent year-on-year to its highest level of P7.11 billion as VIP “hold” rate ended at 3.61 percent from only 2.31 percent a year ago.

Solaire’s VIP volume fell by 12 percent year-on-year but GGR hit record levels due to higher win rate relative to the average of 2.85 percent.

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The higher-than-normal VIP win rate and strong year-on-year growth in mass table drop and electronic gaming machine (EGM) coin-in supported a 28-percent year-on-year growth in overall GGR by 28 percent to a record level of P13.75 billion. Quarter-on-quarter, the GGR growth was 33 percent.

Bloomberry’s first quarter expenses rose by 21.5 percent year-on-year to P7.83 billion. But on a sequential basis, expenses declined by 6 percent as a result of foreign exchange gains generated during the quarter. —DORIS DUMLAO-ABADILLA

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TAGS: Bloomberry Resorts Corp., net profit, Solaire Casino
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