Bloomberry Resorts, operator of the Solaire Resort & Casino, posted record EBITDA and net profit for 2018, driven by record gross gambling revenues across all segments.
Full year profit gained 18% to 7.2 billion pisos (about US$137 million), while net revenue gained 16% to 38.2 billion pisos (about US$726 million).
Solaire’s gross gaming revenues were up 14% to 50.9 billion pisos (about US$967 million), driven by mass tables and slots. Mass table revenue was up 27% at 15.2 billion pisos (about US$289 million), while Electronic Gaming Machine revenue gained 18% to 13.8 billion (about US$262 million).
Solaire was the first integrated resort to open in Manila’s Entertainment City hub in November 2014. It has since been joined by Melco Resorts & Entertainments, City of Dreams Manila, and Universal’s Okada Manila.
“I am pleased to report that Bloomberry continues to be a trailblazer in the Philippine gaming and entertainment scene,” Chair and CEO Enrique Razon, Jr. said in a stock exchange statement. “We look forward to 2019 and sowing the seeds of our future growth as we anticipate to break ground on our second integrated resort in Quezon City this year.”
The company said its Jeju Sun resort in South Korea reported a 19% increase in annual gaming revenues to 484 million pisos (about US$9.2 million), despite a ban on locals gambling and weak tourism.
Bloomberry has been eyeing an IR licensing bid in Japan, with most of its activity so far focused on Wakayama. (AGB)