The beginning of this year was quite successful for casino operators around the globe and according to the recent revenue reports, this was also the case for Philippines casino operator Bloomberry Resort Corp. The first quarter of 2018 will go down in history since it was a record one for the casino developer and operator, managing to see a 71-percent surge in its net profit when compared to Q1 of 2017.
This spectacular performance is something which could rarely be seen in the gambling industry and it is a fact worth mentioning since it demonstrates a considerable surge in the interest towards the location managed by the company. The mark reached over the span of the first three months of this year was PHP3.7 billion (US$71.2 million) which equals quite the jump when compared to the performance of the casino operator over the span of the first three months at the beginning of 2017.
There is a reason behind this significant jump since what truly boosted the figures for the first quarter was a PHP738 million generated via foreign exchange gains as well as a lower promotional allowance. This helped with the increase of the profits and the excellent performance of the casino developer. High rollers and VIP players frequently participating in gambling activities also had their impact on the revenue rates of the casino operator, as the gross gaming revenue of the VIP division saw a 39-percent jump when compared to Q1 of 2017.
Stellar Performance of the Casino Operator
Reaching as much as PHP7.11 million high roller players succeeded in boosting the overall figures of Bloomberry. Even though there was a drop in the number of players willing to put their money on the line in the VIP segment by 12 percent, the boost came from the gross gaming revenue generated.
It surged some 2.85 percent and made up for the relatively lower overall number of high rollers. This jump in the gross gaming revenue could be defined as higher than the average figures amassed in previous quarters. What should also be taken into account is that the company’s mass table drop and electronic gaming machine revenue also witnessed a significant increase.
The mass table drop saw a 17-percent surge, whereas the EGM marked some 23 percent more than the amount reached during the same time period last year. It could be recalled that January brought the news that the casino developer is eyeing Solaire Resort and Casino’s land in Manila, Philippines.A known fact is that the operator’s subsidiary Sureste Properties is responsible for the operation of the hotel and the non-gaming facilities which occupy the said land slots.
Bloomberry was after the land underneath the casino resort and its plans came to fruition in April. Then it was officially confirmed that the two parcels of land belonging to Philippine Amusement and Gaming Corporation on which the casino resort is built have been purchased by Bloomberry after a successful bid amounting to some PHP37.33 billion (US$714 million).
