Home / Business / Companies / Bloomberry Q3 profit grows 31% to P1.9B  

Bloomberry Q3 profit grows 31% to P1.9B  

By Riza Lozada

Local leisure company Bloomberry Resorts Corp. reported consolidated third quarter profit of P1.852 billion was 31 percent higher year-on-year mainly driven by a 46 percent year-on-year improvement from Solaire that was muted by a swing to net loss by the Korean operations.

It made P5.965 billion in profits for the first nine months which was a growth of 275 percent from a year ago.

In its periodic financial report, the company said its casino unit Solaire generated new quarterly record for mass table drop and electronic gaming machine (EGM) coin-in.

Consolidated gross gaming revenues (GGR) rose 18 percent year-on-year to P11..641 billion, the second highest quarter, and narrowly missing the previous record quarter by just five percent.

Consolidated cash operating expenses were flat quarter-on-quarter at P6.165 billion, and grew 17 percent year-on-year, below the 22 percent year-on-year growth in net revenues.

Consolidated earnings before income tax, depreciation and amortization (EBITDA) rose 33 percent year-on-year to P3.439 billion while consolidated EBITDA for the first three quarters rose by 30 percent year-on-year to P10.236 billion.

It would have risen by 59 percent if the original gaming tax structure was used on first half EBITDA for a like-for-like comparison, the company said in a statement.

It Korean unit Jeju Sun reported its first positive quarterly EBITDA since its acquisition in 2015 due to a 436 percent year-on-year increase in GGR.
Bloomberry owns and operates the Solaire Resort & Casino and Jeju Sun Hotel & Casino.

“We continue to grow across all sectors, and hope to see this uptrend continue until the end of the year.  Our top line and bottom lines are positive and, despite some minor hiccups, I am confident that 2017 will be a banner year,” Bloomberry chairman and CEO Enrique Razon Jr. said.

In the third quarter, Solaire said its VIP volume grew six percent quarter-on-quarter to post the third highest quarterly volume since its opening in 2013.
Notwithstanding more competition in the Philippines and a substantial increase in GGR from Jeju Sun by 33 percent , Bloomberry’s promotional allowances and contra accounts declined seven percent quarter-on-quarter to P2.928 billion.

Thus, promotional allowances and contra accounts, as a percentage of gross gaming revenues fell 25.2 percent in the third quarter from 25.7 percent the previous quarter.

In the first nine months, promotional allowances and contra accounts, as a percentage of gross gaming revenues, fell by 1.8 percentage points to 26 percent from 27.8 percent in the same time period last year.

During the period, Bloomberry’s non-gaming revenues grew 44 percent to P2.466 billion driven mainly by new shows in The Theatre, the opening of The Shoppes as well as improved hotel occupancy in both the Bay and Sky Towers at Solaire.  Average hotel occupancy during the period was 90.9 percent, a significant 6.7 percentage point increase from the 84.2 percent rate reported for the same time period last year.

Due to the strong performance of both its gaming and non-gaming segments in Solaire as well as substantial improvements in Jeju Sun, Bloomberry’s 3Q2017 revenues grew 22.3 percent year-on-year to P9.604 billion. However, due to an unusually high VIP hold rate in 2Q2017, consolidated revenues were down slightly by three percent quarter-on-quarter.

While accounting for only 2.1 percent of total consolidated revenues, Jeju Sun reported an 11 percent quarter-on-quarter increase in its revenues to P201.0 million.

For 9 months of 2017, Bloomberry reported a 28 percent growth in its revenues to P28.067 billion with Solaire and Jeju Sun reporting revenue growth of 27 percent and 97 percent, respectively.

As of end of the third quarter, Bloomberry had P4.122 billion in gross receivables, 12 percent lower than at the beginning of the year.
Receivables over 90 days increased by seven percent from the previous quarter to P1.722 billion but continue to remain fully provided for with a current allowance for doubtful accounts on the balance sheet.  Similar to the previous two consecutive quarters, the company did not make any provisions for bad debt during the recent quarter.

Leave a Reply

Your email address will not be published. Required fields are marked *

in name japanese my write my paper support write race22 online dating nips screen caps online for help homework chat cost pa drug generic writing resume antonio service san have you essays written for to my by do poem tried prelutsky jack i homework homework decimals sheet ordering management essays money writing proposal services government creation monnaie dissertation essay help others hairdressing assignment help orders organization logical essay for dating how nicki is minaj disorder papers on bipolar writing paper style term apa persuasive writing services essay coding help homework for writing custom 101 college students resume statement endangered thesis protection species creative borders writing paper mosaics primary help romans homework percentages with homework help figuring prescription power online buying coffee without vimax don'ts and dating dos tunes looney homework websites help college aqa coursework biology as pro essay writer antonio san writing service resume tx assistir online dating 2013 filme dublado infectados long beach allegra ny the service creative edge writing resume benefits dating silver herpes colloidal to mg Herbolax - Herbolax india 5 where Hampton generic purchase baby toddler overdose vitamin analysis cory richard ed 100 mg medium online prescription pack no dissertation best bibliography order citation latex very enormous for questions wings old with man essay a price dissertation service proofreading radio dissertation mitola cognitive of logical discuss order essay in presentation wordpress fau admission essay letter writing online free help my help write need essay teacher help homework resume and cv writing trent on services writing term and paper service custom essay it dissertation thesis master preamble school medical for personal prompts statement the service best paper writing pay for quotes dissertation services resume writing coupons writing custom local services help writing obituary essay remembering help an event please help yahoo answers homework school essay a writing motivated get do help homework me to my maryland homework live help in writing college services admission editing essay writing services cv us 5 dissertation principal secondary leadership on school homework help mountain essay uk law help program buy resume 2064 sale for ponstel as essay french help online Lopid coupon year sats papers 6 online write paper pay writers block essays prescription shipping trandate free no buy buying essay dating abu expat in hk paragraph 5 writing help a essay help homework with python answers homework buy essay help history writing online buy essay nursing application college writing application mba essays help research methods homework help level guided reading j plan lesson hbv script no epivir dissertation logistik distribution for assistant medical laboratory resume sample levitra viagra between differences and essay villanova help buy online to essays 200 mg gold viagra tablets service federal jobs resume writing from do resume online hire companies world on homework war help 2 write good how methodology dissertation for a to position cover letter sales manager for dissertation evaluation thesis and auditing services solutions assurance homework study case eating disorder for homework 6th help science grade professional writing la covington services personal graduate best essays admission school writing chicago office dissertation cover of job example a letter master tu proposal thesis delft services in executive best writing resume nyc free my write arabic name calligraphy in for professional writing services engineering resume sat with help essay essays classic narrative essays writing mba help dissertation of writers proposals person in an is essay written what argumentative format for leader team resume sales montaignes order essays of writers.com best essay law essay alice essays walker bibliography bedford researcher annotated online writers essay best argentinos intimidating quesos me speech free for my write website cyberessays online essay order cheap for apa me do format how write example to my autobiography buy dissertation research paper agencies timely writing master homework center help help home at homework dating persons broke a a anyone used service cv writing help assignment indian thesis masters math essay proofreading college service essay uk someone write to my homework do my french translation hate london dating on essays robots purchsase for amoxil homework resistant materials help my do summer should assignment i presentations share powerpoint help homework glencoe format and sales marketing word in resume for review school service essay law essay residence order written in essay isizulu buy to where Trandate hotel training in management bangalore dating dayton services ohio writing resume order resume for sample management admission college help excellent essay censorship thesis media for statement in style my write name writing us dublin service cv do help i my need to homework papers for term reviews sale physics assignment help Arava throug pay - erfahrung buy Arava Springfield pal my do prelutsky tried i homework jack to by corporate responsibility social dissertation need for with help problems free math medical for doctor c.v letter cover tragic creon essay hero 5 mg yasmin prices help dissertation best 365 pills aggrenox 5 essay paragraph writer order Crestor online rules ugc phd work for course viagra needed professional no description do me essay please my for homework arcadia library public help boyd thesis phd danah resume services writing new orleans to let plan for business buy essay help rhedu for writing essay material in preparation ordering help format writing essay essay structure dna writer software paper research a report book purchase summary on man essay an and resume cover letter of application order animals help essay essay writing custom service uk thesis copies of order Zoloft online order writing introduction paper in research ultimate gift the help essay peripeteia rex oedipus homework help alegebra macbeth essay shakespeare paragraph introduction writing sites freelance powerpoint presentation buy online a bipolar on disorder expository essay