Bloomberry up 47% in net profit Q2

mberry Resorts Corp reported a solid net profit of PHP1.97bn (US$38.9m) for the April to June period, a rise of 46.8% compared to the prior-year period. The Philippines-based casino operator attributed this consolidated improvement in its performance to mass table drop and electronic gaming machines (EGM) coin-in.

Bloomberry, which operates Solaire Resort in Manila as well as Jeju Sun Hotel in South Korea, posted an increase in net revenues of 17.6% year-on-year, up to PHP9.83bn. However, EBITDA declined by 11.4% year-on-year to PHP3.64bn.

The company said that the EBITDA decrease was due to higher costs and expenses brought by the reversion to the original gaming taxation system. The firm was referring to PAGCOR's decision of restoring the original tax structure last year, after a dispute between Bloomberry and Philippines Bureau of International Revenue.

Overall, in the second quarter of 2017, gross gaming revenue (GGR) totalled at PHP12.22bn, up 16.4% year-on-year basis.

Following these results, Bloomberry Chairman and Chief Executive said in an official statement: “We are gratified to see the continuing results of our efforts to level up Solaire’s game. There will be no let-up in these efforts. We are on track, and we will continue to focus on surpassing our previous achievements.”

Breaking the figures down, Solaire’s VIP turnover was up 14.5% year-on-year, while VIP GGR grew by 8.7%, to PHP6.3 bn. Mass table drop and EGM coin-in at Solaire both grew by 20% and 29% respectively. In its Jeju Sun Resort, based in the South Korean island of Jeju, it posted a 20% increase in gross gaming revenue, compared to same period last year.