Bloomberry Resorts has reported profit for 2019 increased 38 percent year-on-year to reach $193.6m, following a 17 percent growth in GGR to $1.1bn.
High hold in the VIP segment and continued strength in mass gaming were behind the positive figures, with CEO Enrique K Razon Jr stating the company is well-placed for “a rough start in 2020.” “I am pleased to report another record year of profits for Bloomberry, said chair and CEO Enrique K Razon Jr. “Despite increasing competitive pressure, Solaire maintained its market-leading position and has again proven itself as the premier integrated resort of the Philippines.”
“We are off to a rough start in 2020 as we contend with the tourism impact of an official world health emergency. However, we remain steadfast and aim to demonstrate our resilience by working towards another year of operating excellence.”
The fourth quarter of 2019 saw a nine percent increase in GGR from 2018 at the company’s Solaire flagship, with the figure for the period reaching $283.6m.
Though VIP GGR for the period declined ten percent year-on-year due to lower volumes, mass gaming revenue rose 21 percent, while EGM revenue jumped 30 percent, with Razon noting VIP revenue still had its part to play in driving growth. “Solaire’s strong overall GGR performance in 2019 was due in part to a higher than normal VIP win rate.” “However, we anticipate that sustainable long-term growth for Bloomberry lies within Solaire’s high-margin mass gaming segment which benefits from a healthy domestic patron database.”
The company’s mass gaming portfolio will receive a further boost within the next few years, with Razon also confirming “we continue to focus on our next leg of growth as work on Solaire North progresses smoothly.” “We are on track to complete the project in the second half of 2023.”