Bloomberry Resorts Corp., the operator of Solaire Resort and Casino, said its net income grew by more than a third last year to P9.92 billion, from P7.16 billion in 2018, despite incurring foreign exchange losses and higher interest expenses.
“I am pleased to report another record year of profits for Bloomberry. Despite increasing competitive pressure, Solaire maintained its market-leading position and has again proven itself as the premier integrated resort of the Philippines,” said Enrique K. Razon Jr., Bloomberry chairman and CEO.
Net profit in the fourth quarter was P1.4 billion, higher by 87 percent compared to P725.1 million in 2018.
“We are off to a rough start in 2020 as we contend with the tourism impact of an official world health emergency. However, we remain steadfast and aim to demonstrate our resilience by working towards another year of operating excellence,” said Razon. “We continue to focus on our next leg of growth as work on Solaire North progresses smoothly. We are on track to complete the project in the second half of 2023,” he added.
In 2019, total gross gaming revenue at Solaire was P59.8 billion, an increase of 17 percent from P51 billion in 2018.
Solaire’s VIP volume in 2019 declined by 5 percent to P771.4 billion. However, VIP gross gaming revenue increased by 20 percent to P26.2 billion from the previous year’s P21.8 billion, mainly from its higher win rate of 3.4 percent compared to 2.69 percent in 2018.
Mass table drop and electronic gaming table coin-in at Solaire reached P51.5 billion and P255.1 billion in 2019, increasing by 15 percent and 20 percent, respectively, compared to the 2018 figures.
Growth in the mass market continues to be supported by robust domestic and international discretionary spending. Mass table revenue increased to P16.7 billion in 2019, higher by 10 percent compared with P15.3 billion in 2018.
Electronic machine gaming revenue was P16.8 billion, an increase of 21 percent from P13.9 billion in the previous year.