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Philippines – Manila rivals move in different directions following arson attack

By - 10 November 2017

The local elements behind two of Manila’s leading casinos have seen their third quarter earnings move in different directions with Bloomberry Resorts, the group behind Entertainment City’s Solaire casino recording the second greatest quarter in its history, whilst Travellers, the Philippine-based company behind Resorts World Manila, suffering a 42 per cent revenue decline following the deadly, June 2 arson attack on its flagship casino.

Bloomberry generated GGR of Php11.64bn driving third quarter profit to a 31 per cent increase to Php1.9bn, giving the second highest quarter in the company’s history.

Bloomberry Chairman and CEO Enrique Razon Jr said: “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.”

Solaire’s GGR grew by 18 per cent year-on-year with mass market table revenue increasing by 22 per cent to reach Php9.67bn and electronic gaming machine revenue increasing by 38 per cent to reach Php49.69bn, a new high for the casino.

Solaire also saw increases with its VIP segment which increased by 14 per cent year-on-year to reach its third highest ever total.

In Korea, Bloomberry’s Jeju Sun property saw an increase in GGR of 122 per cent year-on-year taking its revenue to Php324m. The casino also reported positive EBITDA in the quarter for the first time.
Over the course of the year so far, Bloomberry’s profit for the nine months through 30 September has increased by 275 per cent to Php5.97bn.

In direct comparison, its rival domestic casino group, Travellers International Hotel Group, has reported that its net profit for the year so far fall by 101 per cent with GGR from its Resorts World Manila casino down by 28.9 per cent for the first nine months of the year.

The company’s third quarter was, of course, devastated by the attack on its Resorts World Manila property on June 2, which saw 37 customers and workers murdered by a crazed problem gambler who set fire to gaming tables.

Travellers said: “Due to the June 2 incident, casino operations resumed at the end of June which resulted in lower net revenues for the nine months and three months ended 30 September 2017 compared to the same periods of 2016.”

The operator said that gross gaming revenues for the three months ended September 30, 2017, on the other hand, amounted to P3,551.6m fell 43 per cent from P6,209.2m for same period of 2016. Casino revenues were 81.5 per cent of total revenues for the nine months ended September 30, 2017 and 79.3 per cent of total revenues for the three months ended September 30, 2017. The number of tables and slot machines at the end of September 30, 2017 were 228 and 1,425

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