• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Bloomberry 1Q profit down 40pct on higher revenue

May 08, 2019 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck  


Bloomberry 1Q profit down 40pct on higher revenue

Profit at Philippine casino operator Bloomberry Resorts Corp fell 40.0 percent year-on-year in the first quarter to March 31, on revenues that actually grew in all operating segments.

The firm said in a Wednesday press release – accompanying its unaudited results that were filed to the Philippine Stock Exchange – that the decline in profit was due to “meaningfully lower foreign exchange gains and higher interest expenses”.

Such profit was PHP2.21 billion (US$42.5 million) compared to nearly PHP3.70 billion in the prior-year period.

Bloomberry Resorts subsidiaries own and operate Solaire Resort and Casino in Manila (pictured), the Philippine capital, and the Jeju Sun Hotel and Casino on the South Korean holiday island of Jeju. Most of the group’s resort revenue is generated by Solaire.

In the gaming segment, Bloomberry Resorts reported group wide gross gaming revenue (GGR) of PHP13.6 billion, down nearly 1 percent year-on-year. Gaming revenue – net of promotional allowances – rose 0.9 percent year-on-year, to nearly PHP8.85 billion, compared to nearly PHP8.77 billion in the prior-year period.

But VIP GGR at Solaire actually fell 15.9 percent, to PHP5.98 billion, from PHP7.11 billion a year earlier. The first-quarter hold rate in VIP play fell 39 basis points, to 3.22 percent, from 3.61 percent a year earlier, said the company.

Mass-table play GGR at the Manila property rose by 23.5 percent in the reporting period, to nearly PHP4.00 billion, from PHP3.24 billion in the prior-year quarter.

Slot game revenue increased 8.7 percent, to just under PHP3.64 billion, from nearly PHP3.35 billion in the first quarter 2018.

The group’s quarterly consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) were PHP4.50 billion, down 0.8 percent on the nearly PHP4.54 billion in the prior-year quarter.

‘Solid’ 1Q

Enrique Razon, chairman and chief executive of Bloomberry Resorts, was quoted in the press release accompanying the numbers, describing the first-quarter results as “solid”.

“Our net revenues and EBITDA were driven by our highly-profitable mass gaming segments where our innovative customer experience and engagement programmes continue to reward us with a database of loyal patrons,” Mr Razon was further quoted as saying.

Receivables in the first quarter – usually associated for gaming operators with debts owed by customers on credit-based VIP play – rose 3.7 percent, to nearly PHP2.91 billion, from nearly PHP2.81 billon.

Hotel, food and beverage revenue rose 7.5 percent, to just under PHP972.18 million. Retail and other revenue leapt by 40.6 percent year-on-year, to PHP870.62 million.

Bloomberry Resorts mentioned in its press release on its first-quarter earnings, that on March 21, the board had approved and declared a PHP0.15 per share cash dividend to stockholders on record as of April 5. The dividend was paid in April.

The group gave some commentary on legal action against it in the United States that had been disclosed by the casino firm during the reporting period.

In February the group said its gaming operations unit Bloomberry Resorts and Hotels Inc had been issued with a summons in a civil legal action in the United States regarding the February 2016 theft online – reportedly involving US$81 million – of cash from Bangladesh’s central bank.

While reiterating the casino group’s argument that the “proximate cause for the loss of Bangladesh Bank is its own negligence,” Bloomberry Resorts added: “Bloomberry Resorts and Hotels has accounted for all the funds that passed through its bank account, and had identified all persons who used the questioned funds in Solaire.”


  • tweet
Related articles
  • Kangwon Land back to pre-Covid capacity from May 16
    Kangwon Land back to pre-Covid capacity...

    May 13, 2022  

  • Bloomberry 1Q consolidated net revenue up 9pct q-o-q
    Bloomberry 1Q consolidated net revenue...

    May 13, 2022  

More news
  • Macau ops share junket deposit liability: Macau top court
    Macau ops share junket deposit...

    May 16, 2022  

  • Macau repeat visitors denied visa by China says Bernstein
    Macau repeat visitors denied visa by...

    May 16, 2022  


Latest News

Macau ops share junket deposit liability: Macau top court

Macau ops share junket deposit liability: Macau top court

May 16, 2022  

Macau’s Court of Final Appeal announced on Monday sentences in relation to a total of nine cases concerning debt claims involving junket operators based at local casinos. In all the cases, the...
Read More
Macau repeat visitors denied visa by China says Bernstein

Macau repeat visitors denied visa by China says Bernstein

May 16, 2022  

Macau satellite profit model still in doubt: industry

Macau satellite profit model still in doubt: industry

May 16, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Any reduction in [Macau gaming] tax would be positive for future profits and cash flows, all else equal”

DS Kim, Amanda Cheng and Livy Lyu

Analysts at brokerage JP Morgan Securities (Asia Pacific)



Most Popular

  • Macau mulls GGR tax cut if casinos attract foreign playersMacau mulls GGR tax cut if casinos attract foreign players May 13, 2022
  • Macau GGR tax cut may spur 15pct EBITDA hike: JP MorganMacau GGR tax cut may spur 15pct EBITDA hike: JP Morgan May 16, 2022
  • Macau modifies satellite owner plan, rev share ban staysMacau modifies satellite owner plan, rev share ban stays May 13, 2022
  • Macau repeat visitors denied visa by China says BernsteinMacau repeat visitors denied visa by China says Bernstein May 16, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us