VIP, mass gaming segments drive Bloomberry’s Q3 profit surge

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BLOOMBERRY Resorts Corp. reported its attributable net income surged 246% to P3.92 billion in the three months ending September, on continued growth in gaming revenues.

In a regulatory filing, the listed company said consolidated revenues rose 49% to P13.2 billion in the third quarter from P8.8 billion a year ago.

Bloomberry, in a separate statement, said total gross gaming revenues at Solaire Casino and Resort Manila increased by 46% to P17.11 billion, “driven by higher hold in VIP and strength in the mass gaming segments.”

Bloomberry said VIP volume dropped 5% to P198.655 billion, although revenues jumped 117% to P8.65 billion as the hold rate went up to 4.35% in the third quarter from 1.91% a year ago.

Solaire’s mass table drop and electronic gaming machine (EGM) coin-in rose to record levels of P13.48 billion (up 10% year-on-year) and P66.9 billion (up 23% year-on-year) during the July to September period.

Revenues from mass tables inched up 2% to P4.2 billion, while those from slot machines jumped 19% to P4.25 billion in the third quarter.

At Solaire Korea, gross gaming revenues slumped 44% to P109 million “due to an unfavorable hold percentage at Jeju Sun.”

Enrique K. Razon, Jr., Bloomberry Chair and CEO, noted the company recorded strong profit growth in the third quarter “despite incurring higher interest expenses and foreign exchange losses.”

Bloomberry logged foreign exchange losses of P59.48 million, and interest expense of P1.39 billion in the three-month period.

“We are now in the last stretch of 2019 and we look forward to delivering a strong set of full year results,” he was quoted as saying in a statement.

For the first nine months, Bloomberry posted a 28% rise in attributable net income to P8.16 billion, on the back of a 24% jump in revenues to P35.36 billion.

Nine-month gross gaming revenues went up 20% to P42.65 billion, driven by a 32% increase in revenues from VIP tables to P20.8 billion “as a result of higher VIP win rate.” Revenues from mass table rose 6% to P12.2 billion, while those from slot machines went up 18% to P12.2 billion.

Solaire reported its mass table drop rose 13% to P37.4 billion and slot coin-in grew 17% to P187.1 billion. Volume from the VIP segment slipped 5.3% to P561.6 billion as of end-September.

The Manila casino attracted 4.9 million visitors in the first nine months, 0.7% lower than the same period a year ago.