Bloomberry sets record high profit at H1 2017

Bloomberry (PNA Photo)

MANILA, Aug.  10 — Bloomberry Resorts Corp.  posted PHP4.11 billion  net profit in first semester, its highest this year.

In a disclosure  with the Philippine Stock Exchange Thursday, Bloomberry said its net profit in the first half of the year surged 24 times from PHP 174 million during the same period in 2016.

The listed firm attributed the growth to the strong performance of Solaire Resort and Casino as well as improvements in Jeju Sun Hotel and Casino.

Bloomberry’s revenues in the first half rose 31 percent to PHP18.46 billion, with Solaire’s revenue growth at 30 percent and Jeju Sun’s at faster pace of 81 percent.

The company noted that Solaire reported a new record mass table drop and electronic gaming machine (EGM) coin-in as well as record-high gross gaming revenues in its VIP, mass table, EGM gaming segments.

“We are gratified to see the continuing results of our efforts to level up Solaire’s game. There will be no let-up in these efforts. We are on track, and we will continue to focus on surpassing our previous achievements,” Bloomberry chair and chief executive officer Enrique Razon said.

Meanwhile, Bloomberry’s non-gaming revenues reached PHP1.58 billion in H1 2017, increasing by 40 percent from the same period in 2016.

Its robust non-gaming revenues were attributed to new show at the Theatere at Solaire, opening of The Shoppe at Solaire, and the 7.4 percentage point increase in hotel occupancy rate at both Bay and Sky Towers.

From an average hotel occupancy rate of 84.2 percent in H1 2016, it grew to 91.6 percent in H1 2017. (PNA)