By James A. Loyola
Bloomberry Resorts Corporation, owner of Solaire Resort & Casino (Solaire) and Jeju Sun Hotel & Casino (Jeju Sun), reported a 33 percent hike in consolidated net profit in the first nine months of 2019 to ₱8.57 billion.
“I am pleased to report third quarter net profit of ₱3.91 billion, representing a 245 percent year-on-year increase despite incurring higher interest expenses and foreign exchange losses,” said Bloomberry Chairman Enrique K. Razon Jr.
He added that, “we are now in the last stretch of 2019 and we look forward to delivering a strong set of full year results.” Bloomberry’s third quarter consolidated net revenues were ₱13.31 billion, up by 49 percent from ₱8.92 billion in the same quarter last year.
Approximately 99 percent of net revenues were generated in the Philippines and the remaining 1 percent was generated by the Group’s Korea operations. Consolidated net revenues in the first nine months of 2019 were ₱35.7 billion, up by 24 percent YoY.
In the third quarter of 2019, total gross gaming revenues at Solaire was ₱17.11 billion, a record quarterly high, representing growth of 46 percent YOY.
At Solaire Korea, third quarter gross gaming revenues were ₱109 million, lower by 44 percent YoY due to an unfavorable hold percentage at Jeju Sun.