GGRAsia – Bloomberry anticipates double-digit jump

Bloomberry anticipates double-digit jump

May 13, 2014 Newsdesk Latest News, Philippines

Bloomberry Resorts Corp, the operator of Solaire Resort and Casino, expects at least 10 percent annual growth in gaming volume as its brings in more high rollers from Asia.

“Gaming volumes have grown very nicely,” with both VIP and mass-market gambling showing “double-digit” gains while operating margins have “strongly” improved, Bloomberry president Thomas Arasi said in an interview with Bloomberg News. “We expect those trends to continue.”

The casino operator, owned by Philippine billionaire Enrique Razon, reported a net profit of 1.46 billion pesos (US$32.78 million) from January to March. It was a turnaround from the 1.06-billion-peso loss in the same period last year.

Solaire’s international business has increased, boosting VIP operations, Mr Arasi was quoted as saying. From “substantially” less than half of gambling revenue last year, the share generated by VIP clients has risen to “close to parity” with mass-market gaming, he said.

Junket operators have provided Solaire a “stable business” since the fourth quarter of 2013, said Mr Arasi, who joined Solaire in October. Mr Arasi is a former president at Singapore’s Marina Bay Sands, developed by Las Vegas Sands Corp.

Bloomberry has signed up 47 junket operators. The middlemen help fill the VIP area with high rollers, and the casino frequently operates at capacity for premium players, Mr Arasi told Bloomberg.

Bloomberry opened the US$1.2-billion Solaire on Manila Bay on March 16, 2013. Solaire was the first of four billion-dollar casinos to rise on Manila Bay.