Bloomberry Resorts Corp., operator of Solaire Resort & Casino, returned to profitability in the second quarter as gaming revenues surged, bucking the downtrend in other Asian markets.
Bloomberry said in a disclosure to the stock exchange it booked a net income of P1.33 billion in the second quarter, a reversal of the P787-million net loss recorded in the same quarter last year as all gaming segments reported strong volumes.
Second-quarter revenues increased 40 percent to P8.37 billion on the back of record mass table and electronic gaming revenues and high VIP volume.
“Our hard stance policy on cost and capital management, coupled with our aggressive marketing campaign, has proven to be effective as shown by these outstanding results. We are bucking the trend in regional gaming which has been showing weakness. We are confident that this growth streak will continue,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
Bloomberry also booked a net profit of P174 million in the first half, a turnaround from the P1.32-billion net loss reported in the same period last year.
It said excluding the P434-million drag from Korea, the company would have reported P608-million profit in January to June.
First-half revenues increased 14 percent to a record P14.11 billion from P12.329 billion a year ago. Gross gaming revenues and non-gaming revenues grew 17 and 29 percent to P18.148 billion and P1.123 billion, respectively, the highest achieved since Solaire opened in March 2013.
Solaire’s VIP volume rose 22 percent in the first half while mass table drop and EGM coin-in grew eight and 14 percent, respectively.
Bloomberry said in June it agreed to sell its Jeju casino property in South Korea to Iao Kun Group Holding Company Limited.