Bloomberry reports record profit in 18H1

Bloomberry Resorts, the owner of the Solaire Resort and Casino in Manila, reported record net profit in 18H1. Consolidated net profit reached P5.3 billion, the highest reported six-month earnings since opening. Net revenue increased 20 percent to P22.1 billion, while consolidated gross gaming revenues (GGR) reached P25.1 billion, up 14 percent year-on-year. Consolidated EBITDA increased 22 percent to P8.3 billion. Bloomberry said the results were driven by strong mass table drop and EGM coin-in at its flagship casino Solaire, which was up 19 percent and 21 percent respectively. Solaire’s VIP GGR, however, suffered from a lower VIP hold rate in Q2, with VIP volumes declining slightly in the half year as a result. Enrique K. Razon Jr., Bloomberry chair, and CEO, says: “We continue to make progress towards establishing a solid enterprise. Our fundamentals remain strong, and we look forward to a busy second half and end 2018 with robust full-year results.” The company said it has also been rolling out cost-containment initiatives and programs during the period. In addition to its casino resort in Manila, Bloomberry is also the owner and operator of Jeju Sun Hotel & Casino.