Bloomberry Resorts reveals 2017 results

Asian casino developer Bloomberry Resorts revealed a 161 per cent increase in net profit during 2017 after reaching €94.8 million.

Philippines.- Bloomberry Resorts Corp, the Asian casino developer, revealed an improvement of 161 per cent in net profit during the last year after reaching €94.8 million. In a filing to the Philippine Stock Exchange, the company revealed its major improvement after leaving 2016’s €36.3 million way behind during the full year 2017.

According to the filing, VIP volume and mass table drop were at an all-time high and contributed to the period’s results. Furthermore, it explained that its profit jump for 2017 was “mainly due to an 81 per cent increase in Solaire’s profitability to PHP6.27 billion; and an 82 percent reduction in net losses from its Korea operations to €3.2 million from €17.8 million in the previous year.”

Gross gaming revenue (GGR) for the company reached €703.3 million for the full year, up by 16.6 per cent from 2016.

In a press release, Bloomberry explained that “even with the strong growth in Solaire’s VIP volumes,” the firm did not make any provisions for doubtful accounts in 2017 compared to the €3.1 million provided for in 2016. Bloomberry “actually even had a reversal of allowance for doubtful accounts of €516,000 as a result of the collection of certain fully provided doubtful accounts in 2017.”