Bloomberry expects banner year after solid 18Q1

Philippine casino operator, Bloomberry Resorts Corp saw strong earnings growth in the first quarter of 2018, smashing prior records.

Net profit increased 71 percent year-on-year, reaching P3.7 billion (US$71.2 million). Gross gaming revenues rose 28 percent year-on-year to a record P13.7 billion.

This was attributed to strong growth in both mass table drops and electronic gaming machine coin-ins at Solaire, its flagship Philippine casino. VIP gross gaming revenues also climbed in the quarter, up 39 percent year-on-year.

Reported EBITDA grew 44 percent year-on-year, the highest reported in any previous quarter.

Speaking about the results, Bloomberry chair and CEO, Enrique Razon Jr said: “We are off to a good start. Our fundamentals are solid, our cost optimization initiatives are working, so we should be on track to making this a banner year.”  

The record results were slightly offset by results from Jeju Sun in South Korea, which saw GGR fall 13 percent in the quarter.