Bloomberry Resorts Corp. came roaring back in the second quarter as net income rocketed 51.6% to P2.45 billion on the back of a robust mass market and higher VIP hold.
The operator of Solaire Resort and Casino operator reported a 19% jump in gross gaming revenues to P14.62 billion while consolidated EBITDA hit an all-time high of P5 billion, driven by record levels of mass table drop and EGM coin-in.
While VIP volumes declined 5% to P177.04 billion, revenue surged 33% to P6.18 billion as the hold rate increased to 3.49% from 2.49% a year ago.
Revenues from mass table drop, however, went down 3% to P4.08 billion as the mass table games hold rate declined to 32.6%.
EGM revenues, on the other hand, climbed 26% to P4.36 billion.
“It has been a great year so far and we will strive to carry this momentum into the next six months,” said Enrique K. Razon Jr., chairman and CEO of Bloomberry.
Non-gaming revenues rose 22% to P1.98 billion on higher rental income and higher hotel and F&B revenues.