Solaire operator reverses loss to profit Php2.32B in 2016

MANILA—Listed gaming firm Bloomberry Resorts Corp., owner and operator of the Solaire Resort & Casino, booked a net profit of Php2.32 billion in 2016, a turnaround from a loss the previous year, on the back of all-time high gaming volumes and revenues.

Bloomberry said gross gaming revenues grew 19 percent to a record Php38.54 billion last year, which also included the Php195-million contribution of its Jeju Sun Hotel & Casino in Jeju Island, South Korea.

It generated record VIP volume, mass table drop and electronic gaming machine coin-in.

Non-gaming revenues rose by 26 percent to also hit a Php2.38 billion record due to continued improvements in its hotel, food and beverage and retail and others segments.

Solaire’s fourth quarter gross gaming revenues grew six percent to Php10.46 billion, helped by an improvement in the quarterly VIP hold rate.

Enrique K. Razon Jr., Bloomberry chairman and chief executive officer, said “The year was not without its challenges, but our continuing programs on financial management, marketing, property and systems improvements and staff engagement rallied us through.”

“Overall, we are more than pleased with the results that put us in good standing with the competition. We hope to use this position of strength to carry us into, if not surpass, the results for the current year,” Razon said.

Bloomberry incurred a net loss of Php3.37 billion in 2015 due to large increases in depreciation and amortization from its expansion project and higher interest expenses.

Solaire became the first Integrated Resort in Entertainment City with the opening of Sky Tower last November 2014.