Bloomberry Resorts’ profits rise 72.7 pct in 1Q18

During the first quarter, Bloomberry Resorts Corp posted profit 72.7 per cent higher year-on-year after reaching €59.9 million.

Philippines.- Bloomberry Resorts Corp, the Philippines-based casino investor, posted a 72.7 per cent profit increase during the first quarter to €59.9 million. In a filing to the Philippine Stock Exchange, the company reported that its Solaire Resort and Casino posted record EBITDA of €75.5 million, 43.1 per cent higher year-on-year.

Bloomberry’s chairman and chief executive, Enrique Razon, said: “We are off to a good start. Our fundamentals are solid, our cost optimisation initiatives are working, so we should be on track to making this a banner year.”

However, analysts Praveen Choudhary and Jeremy An of Morgan Stanley Asia Ltd had an EBITDA estimation 12 per cent higher than it actually recorded, which was attributed to higher costs. “First-quarter 2018 rebate and junket expenses were €43.2 million or 1.36 per cent of rolling chip volume (much higher than the 1.2 per cent average over the last two years), maybe owing to higher win rate,” they added.

Still, analysts highlighted that the company had a “leadership position in the fast-growing Philippine gaming market”.

During the full year 2017, Bloomberry Resorts Corp posted an improvement of 161 per cent in net profit after reaching €94.8 million. It was its major improvement after leaving 2016’s €36.3 million way behind.