In the Philippines, casino operator, Bloomberry Resorts Corporation, has released its consolidated financial results for 2018 showing that it had experienced a 16% increase year-on-year in net revenues to slightly over $729.05 million.
Net profit swells:
The Manila-listed firm used an official Tuesday filing (pdf) to detail that its annual earnings before interest, tax, depreciation and amortization had grown by 21% year-on-year to surpass $284.08 million while its net profit for the twelve-month period was 18% higher at $136.65 million.
Positive gaming revenues:
Bloomberry operates the Solaire Resort and Casino integrated casino resort via its Bloomberry Resorts and Hotels Incorporated subsidiary and additionally stated that the giant Entertainment City property’s gross gaming revenues for 2018 had improved by 14% year-on-year to reach $971.78 million thanks to a ‘strong performance in the mass tables and slots segments.’
Enrique Razon, Chairman and Chief Executive Officer for Bloomberry, used the filing to declare that annual VIP gaming revenues for the Solaire Resort and Casino had hit a record high of $415.76 million, which represented a 2% boost year-on-year, while its mass-market table takings had bulged by 27% to exceed $290.75 million. The executive also proclaimed that these results had been supported by an 18% swell in electronic gaming machine revenues to $264.77 million as well as a 14% bump in property visitation to 6.64 million.
Razon’s statement read…
“I am pleased to report that Bloomberry Resorts Corporation continues to be a trailblazer in the Philippine gaming and entertainment scene with our world-class integrated resort offering, Solaire Resort and Casino, delivering record revenues and profits in 2018. We look forward to 2019 and to sowing the seeds of our future growth as we anticipate breaking ground on our second integrated resort in Quezon City this year.”
The filing from Bloomberry Resorts Corp, which is currently the subject of a lawsuit being brought by the central bank of Bangladesh, moreover explained that its fourth-quarter consolidated earnings before interest, tax depreciation and amortization had improved by 62% year-on-year to hit $65.28 million as its Solaire Resort and Casino chalked up a 29% boost in gross gaming revenues to $252.08 million.