Operator News
Philippines – Solaire reports best ever EBIDTA as GGR soars by 46 per cent
By Phil - 14 November 2019
Bloomberry Resorts, owner of the Solaire Resort and Casino, has said that the Manila casino produced its best ever EBIDTA with Gross Gaming Revenue up a huge 46 per cent.
GGR at Solaire was P17.111bn, 46 per cent higher than the P11.711bn recorded in the third quarter of 2018.
Growth was driven by higher hold in VIP and strength in the mass gaming segments Mass table drop and EGM coin-in at Solaire were at record quarterly levels of P13.484bn and P66.910bn, representing YoY growth of 10 per cent and 23 per cent, respectively Solaire’s VIP, mass tables and EGM GGR were P8.645bn, P4.208bn and P4.258bn, representing YoY growth of 117 per cent, two per cent and 19 per cent, respectively.
Enrique K. Razon Jr., Bloomberry Chair and CEO, said: “I am pleased to report third quarter net profit of P3.91bn, representing a 245 per centyear-on-year increase despite incurring higher interest expenses and foreign exchange losses. We are now in the last stretch of 2019 and we look forward to delivering a strong set of full year results.”
Gaming Performance In the third quarter of 2019, total GGR at Solaire was P17.111bn, a record quarterly high, representing growth of 17 per cent and 46 per cent on a sequential and YoY basis, respectively. Growth was driven by strength in all gaming segments. Solaire’s VIP volumes were P198.655bn, representing a sequential increase of 12 per cent and a YoY decline of five per cent VIP revenues increased by 117 per cent YoY to P8.645bn as the hold rate increased to 4.35 per cent in the third quarter from 1.91 per cent in the same period last year.
VIP revenues were higher by 40 per cent sequentially. Third quarter mass table drop and EGM coin-in at Solaire hit record levels of P13.484bn and P66.910bn, representing YoY growth of 10 per cent and 23 per cent, respectively. Mass table revenues were P4.208bn, up three per cent sequentially and two per cent YoY. EGM revenues were P4.258bn, representing a decrease of two per cent compared to the previous quarter and an increase of 19 per cent compared to the same period last year.
Bloomberry’s third quarter consolidated EBITDA was at its highest ever quarterly level at P6.361bn, representing an increase of 28 per cent and 100 per cent on a sequential and YoY basis, respectively.
