Asian casino operator Bloomberry Resorts Corporation has published its financial results for 2016 showing that all-time record VIP volume and mass-market table drop led to it transforming the previous year’s annual deficit of $67.28 million into a profit of $46.18 million.
Bloomberry Resorts Corporation runs the Solaire Resort And Casino in Manila along with South Korea’s Jeju Sun Hotel And Casino and revealed that its annual gross gaming revenues had improved by 18.7% year-on-year to $767.71 million while its earnings before interest, tax, depreciation and amortization more than doubled to hit approximately $211.19 million.
In addition, annual net revenues swelled by 21.2% year-on-year to $606.35 million with promotional allowances growing by 13.5% to $209.01 million, which Bloomberry Resorts Corporation declared had been “significantly slower than the growth in gross gaming revenues”.
Last year moreover saw the firm detail a 92.1% decline year-on-year in its provision for doubtful accounts to $4.06 million due to “continuing improvements in the credit evaluation and approval processes” while its receivables at end of December stood at around $58.97 million.
“The year was not without its challenges but our continuing programs of financial management, marketing, property and systems improvements and staff engagement rallied us through,” read a statement from Enrique Razon, Chairman and Chief Executive Officer for Bloomberry Resorts Corporation. “Overall, we are more than pleased with the results that put us in good standing with the competition. We hope to use this position of strength to carry us into, if not surpass, the results for the current year.”
In the Philippines, Bloomberry Resorts Corporation explained that its annual gross gaming revenues had increased by 18.9% year-on-year to $763.72 million while the figure for the three months to the end of December advanced by 35% to $208.43 million “helped by an improvement in the quarterly VIP hold rate to 2.85%”.
“In 2016, the Solaire [Resort And Casino] generated record VIP volume, mass-market table drop and electronic gaming machine coin-in with VIP volume growth of 29% while mass-market table drop grew by 12% and electronic gaming machine coin-in grew by 18%,” read a statement from Manila-listed Bloomberry Resorts Corporation.