Bloomberry Resorts Corp., the resorts and casino business of tycoon Enrique Razon Jr., said Tuesday first-quarter net income declined 11 percent to P2.6 billion due mainly to pre-operating expenses of Solaire Resort North, the newest property of the listed company located in Quezon City.
Subsidiaries of Bloomberry own and operate Solaire Resort Entertainment City and Jeju Sun Hotel and Casino in South Korea.
Solaire’s VIP rolling chip volume and mass table drop were P106.9 billion and P11.1 billion, representing year-over-year declines of 36 percent and 8 percent, respectively. The domestic-focused electronic gaming machine segment recorded a 17 percent year-on-year increase in coin-in.
Total gross gaming revenue at Solaire was P14.8 billion, a decrease of 8 percent due to lower VIP rolling chip and mass table drop volumes. Those declines were partly offset by strong growth in EGM coin-in and GGR.
Solaire Korea’s Jeju Sun recorded gross gaming revenue of P15.6 million in the first quarter, representing an increase of P14.5 million from P1.2 million in the previous quarter.
Razon, chairman and chief executive officer of Bloomberry, said if net income were adjusted for P279 million of Solaire Resort North pre-operating expenses, net income would have declined by only 3 percent. “We had a strong showing in the heavily domestic slot machines segment where revenue grew by 24 percent year-over-year. This strong local demand heightens our anticipation for our second property which will open on May 25. By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share,” Razon said in a statement.
