Bloomberry Resorts, the operator of the Solaire Resort & Casino in Manila, saw its consolidated net income plunge by 40% in the first quarter of 2018 due to lower foreign exchange gains, higher interest expenses, and weaker gaming revenues.
Net income for the quarter reached 2.2 billion pisos (about US$42 million), while gross gaming revenues fell 1% to 13.6 billion pisos (about US$258 million).
Bloomberry said it saw robust mass table games and electronic gaming machine revenue which grew 23% and 9% respectively. However, this was offset by a 16% decline in VIP revenue. Non-gaming revenues grew 25% year-on-year.
“We kicked off 2019 with a solid set of results. Our net revenues and EBITDA were driven by our highly profitable mass gaming segments where our innovative customer experience and engagement programs continue to reward us with a database of loyal patrons,” said Bloomberry Chairman and CEO Enrique Razon Jr. (AGB)