Philippine casino operator Bloomberry Resorts Corporation has published its unaudited consolidated financial results for the first six months of 2016 showing a return to profitability thanks to record highs in VIP volume, mass-table drop and slot coin-in.
Through its subsidiaries, Bloomberry Resorts Corporation owns and operates the Solaire Resort And Casino in Manila’s Entertainment City district alongside South Korea’s Jeju Sun Hotel And Casino and declared that first-half gross gaming revenues grew by 17% year-on-year to an all-time high of $389.7 million while non-gaming returns hit a record $24.1 million, which represented a boost of 29%.
Although total six-month expenses remained flat year-on-year at $267.6 million, the operator stated that earnings before interest, tax, depreciation and amortization increased by 60% year-on-year to an all-time high of $114.2 million from a margin that expanded by eleven percentage points to 38%.
Manila-based Bloomberry Resorts Corporation further explained that its earnings before interest, tax, depreciation and amortization on a hold-normalized basis would have been $129.2 million, which works out at 13% higher year-on-year than those reported and 94% percent better than the $66.6 million it would have brought in for the same time period in 2015.
The company disclosed that every gaming segment had reported “strong volumes” with six-month VIP turnover skyrocketing by 22% year-on-year alongside significant boosts of 8% and 14% over the same period in mass table drop and electronic gaming machine coin-in respectively.
All of this left the firm with a net first-half profit of $3.7 million, which represents a significant improvement on the deficit of $28.3 million it filed for the initial six months of 2015, while holding a relatively stable year-on-year $123.2 million in gross accounts receivable.
“Our hard stance policy on cost and capital management, coupled with our aggressive marketing campaign, has proven to be effective as shown by these outstanding results,” read a statement from Enrique Razon, Chairman and Chief Executive Officer for Bloomberry Resorts Corporation. “We are bucking the trend in regional gaming, which has been showing weakness. We are confident that this growth streak will continue.”