Bloomberry’s 2019 net profit at record-high P9.9B
Integrated gaming resort operator Bloomberry Resorts Corp. grew net profit last year by 38 percent to a record-high P9.9 billion as flagship Solaire Resort & Casino significantly improved its “win” ratio at the high-roller segment.
A casino’s “win” or “hold” rate is based on the element of luck but is also affected by the spread of table limits, a player’s skill and resources and amount of time spent in the casino. While it’s often said that the house always wins, sometimes it wins more and sometimes less than the statistical probability.
Total gross gaming revenues (GGR) at Solaire rose by 17 percent to P59.8 billion last year, Bloomberry disclosed to the Philippine Stock Exchange on Wednesday.
Solaire’s high-roller or VIP (very important person) volume in 2019 declined by 5 percent to P771.4 billion. However, VIP GGR increased by 20 percent to P26.2 billion from P21.8 billion as VIP win rate jumped to 3.4 percent compared to 2.69 percent in 2018.
Mass table drop and electronic gaming machine (EGM) bets at Solaire for 2019 reached P51.5 billion and P255.1 billion, increasing by 15 percent and 20 percent, respectively, compared to 2018, supported by robust domestic and international discretionary spending.
Mass table revenue increased by 10 percent to P16.7 billion in 2019, while EGM revenue rose by 21 percent to P16.8 billion.
Enrique Razon Jr., Bloomberry chair and chief executive officer, said: “Despite increasing competitive pressure, Solaire maintained its market-leading position and has again proven itself as the premier integrated resort of the Philippines.”
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