• 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

Korean ops, VIP gaming keep Bloomberry profitable

Nov 14, 2016 Newsdesk Latest News, Philippines, Top of the deck  


Korean ops, VIP gaming keep Bloomberry profitable

Philippines-based Bloomberry Resorts Corp reported net profit of approximately PHP1.41 billion (US$28.7 million) for the three months ended September 30, compared to a loss of PHP187.4 million in the prior-year period. Profit was up 7 percent sequentially, the firm said on Monday in a filing to the Philippine Stock Exchange.

The company is the owner and operator of the Solaire Resort and Casino (pictured) in Manila. It also operates the Jeju Sun Hotel and Casino on South Korea’s southern holiday island Jeju.

“The quarter-on-quarter [net profit] improvement can mainly be attributed to the swing to profitability of the company’s Korean operations due to foreign exchange gains from a PHP252 million net loss last quarter to a PHP74 million net profit in third quarter 2016,” said Bloomberry.

For the quarter ended September 30, Bloomberry reported revenues – net of promotional allowances – of PHP7.85 billion, up by 11 percent from a year earlier. The company recorded earnings before interest, taxation, depreciation and amortisation (EBITDA) of PHP2.58 billion for the third quarter, an increase of 7 percent from the prior-year period.

“Our one-mindedness to manage costs and capital will see us maintaining this growth trajectory up to the end of the year,” said Enrique Razon, chairman and chief executive of Bloomberry, in a statement accompanying the results.

He added: “We are confident that the effects of these initiatives will carry on into the coming year, but we will nonetheless continue to be discerning and persevere in making Solaire the premium go-to Philippine destination.”

Bloomberry said the third quarter produced the “best ever” quarterly VIP volume, mass table drop and electronic gaming machine coin-in for Solaire, with year-on-year growth rates of 61 percent, 10 percent and 16 percent, respectively.

Gross gaming revenues (GGR) for the group increased by 10.1 percent year-on-year to PHP9.88 billion, despite a 121 basis points decline from the 3.37 percent VIP hold rate in third quarter of 2015. Casino GGR accounted for 94.3 percent of Bloomberry’s gross revenues for the three months to September 30.

Strong VIP

In its latest financial statement, Bloomberry said its VIP gaming volume increased by 61.3 percent year-on-year. The firm reported that its VIP table revenue grew by 3.5 percent year-on-year in the third quarter, to nearly PHP4.71 billion.

Gaming promoters expense increased by 24 percent year-on-year to PHP2.27 billion in the three months to September 30. Bloomberry said it had PHP6.77 billion in gross receivables at the end of the third quarter, 18 percent higher than the previous quarter “as it continued to ramp up its VIP business”.

“The bulk of the increase came from current and receivables below 90 days with that segment growing 36 percent quarter-on-quarter. Receivables over 90 days had barely risen with quarter-on-quarter growth of just 3 percent to PHP3.20 billion,” said the firm.

The company said it had made a provision of PHP17 million for doubtful accounts in the third quarter, amounting to PHP174 million in the first nine months of the year. As of September 30, the company’s allowance for doubtful accounts stood at PHP3.14 billion.

Bloomberry said in its latest filing that it continues to operate Jeju Sun, after the lapse of a sale agreement. It had been announced in June that Macau VIP gambling room investor Iao Kun Group Holding Co Ltd was to acquire the Jeju Sun from Bloomberry, for a total consideration of KRW117.5 billion (US$100.2 million). Bloomberry said it decided to “again operate Jeju Sun under normal course of business”.

In Monday’s filing, the Philippines-based company said Iao Kun “failed to raise the funding necessary to consummate the sale” of Jeju Sun on the agreed closing date. It further stated that it had “rejected Iao Kun’s request to extend the closing and payment date of the transaction,” adding that it was “exploring legal options against Iao Kun for its failure to close the deal”.

Jeju Sun reported GGR of PHP28.2 million for the third quarter of 2016. Non-gaming revenue (excluding interest income) amounted to PHP55.4 million in the period.


  • tweet
Related articles
  • Pagcor 2022 income up 66pct y-o-y, tops US$1bln
    Pagcor 2022 income up 66pct y-o-y, tops...

    Jan 31, 2023  

  • Summit yet to demand payment on overdue interest: Suntrust
    Summit yet to demand payment on overdue...

    Jan 25, 2023  

More news
  • Paradise Co January casino revenue jumps  y-o-y
    Paradise Co January casino revenue...

    Feb 02, 2023  

  • Jaw-dropping wagers in Macau CNY survey: Citigroup
    Jaw-dropping wagers in Macau CNY...

    Feb 02, 2023  


Latest News

Paradise Co January casino revenue jumps  y-o-y

Paradise Co January casino revenue jumps y-o-y

Feb 02, 2023  

Paradise Co Ltd, an operator of foreigner-only casinos in South Korea, reported casino revenue of nearly KRW48.65 billion (US$39.8 million) for January 2023, according to a Thursday filing to the...
Read More
Jaw-dropping wagers in Macau CNY survey: Citigroup

Jaw-dropping wagers in Macau CNY survey: Citigroup

Feb 02, 2023  

Konami gaming segment rev up 49pct in 9 months to Dec

Konami gaming segment rev up 49pct in 9 months to Dec

Feb 02, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$1.43 billion

Macau’s January casino gross gaming revenue



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPMMacau CNY mass GGR maybe 60pct plus of CNY 2019: JPM January 31, 2023
  • January travel lift, CNY sees Macau GGR up 233pct m-o-mJanuary travel lift, CNY sees Macau GGR up 233pct m-o-m February 1, 2023
  • Macau ops track early recovery after Jan GGR: analystsMacau ops track early recovery after Jan GGR: analysts February 1, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us