Bloomberry Resorts Corporation is a Philippines based casino operator. The company has gained this last year, with doubling their 2016 income. Solaire Resort and Casino show the best year ever in 2017. However, South Korean operations are not showing any improvement.
South Korean income down despite contradictory news. Many are still blaming the Chinese tourism ban for the lower income seen at many Jeju Island casinos.
CEO Enrique Razon Jr, stated on Thursday, the income for the company was $116 million. The losses for the year were under $4 million, which was better than the $21 million from 2016. The losses are, according to the CEO, related to South Korea. When looking at the decrease in losses, there was an 82 percent decrease.
Solaire’s gross gaming revenue increased by 16 percent, making $844 billion for the entire company. It is the highest amount the casino has been able to show since it opened its doors in 2013. When one combines the Bloomberry’s Jeju Sun Casino, the gross gaming revenue only rose 17 percent.
Razon Jr is excited to see what 2018 will bring.
Non-Gaming Revenue
Solaire saw an increase of 40 percent in non-gaming revenue, which is also a record for the corporation. The non-gaming revenue was $63 million. Razon Jr believes the improvements to the hotel, beverages, food, and retail options are what helped increase the non-gaming income.
Numbers show the hotel, food and beverage sections of the corporation had 32 percent more traffic, with an 80% jump in retail sales. Solaire has a strip mall located on the property, which is where the increase in income came from.
Another area the company attempted to help their overall revenue numbers was in expenses. The 15% year on year rate for expenses made them $584 million. Even, South Korean operations had a drop in expenses, which was about 58%.
The company saw growth overall, even with the losses factored in. The growth percentage shows only 2 percent when everything is accounted for, including expenses.
According to Razon Jr, the VIP section was lower, with a hold rate of 1.95 percent. The fourth quarter of 2016 enjoyed a hold rate of 2.85 percent. Solaire still achieved $1.8 million in net profit, but this is down from the $14 million in 2016.
Solaire Casino Resort may need to carry the entire corporation, regarding gaming revenue, for 2018, unless something will change with tourism to South Korea.
