Bloomberry Resorts Corporation, the operator of the Philippines Soler Resorts and Casino, said Phase 1A of the casino resort is expected to open by the end of November this year.
The expansion is expected to bring 66 VIP gaming tables and 223 more slot machines, the company said in a press release on Wednesday. It added that it will also add a 312-room all-suite boutique hotel tower and a 1,760-seat Broadway-style theater.
Bloomberry, led by industrialist and tycoon Enrique Rajon, on Wednesday reported revenue of $992 million (W22 million) in the three months to Sept. 30, up more than six-fold from $165 million a year earlier.
Revenue for the period grew 55.7% year-on-year to 7.9 billion PHP, it said in a statement to the Philippine Stock Exchange. Game total revenue accounted for 95.3% of total revenue in the third quarter of 2014.
Excluding promotional allowances, net gaming revenue rose 44% year-over-year to 5.6 billion PHP in the third quarter.
Soler’s overseas operations are on the rise, as are the costs of fees paid for junkets, as well as VIP operations. As of Sept. 30, the casino operator said it had signed with 58 junket operators to attract foreign VIP players.
Net income before interest, taxation, depreciation and amortization (EBITDA) was 2.4 billion PHP in July-September, up from 840 million PHP a year earlier and up 3% quarter-on-quarter.
Bloomberry opened its $1.2 billion Solare in Manila Bay on March 16, 2013.
The casino operator generated revenue of 3.3 billion PHP in the first nine months of 2014, up 127% year-over-year to 22.4 billion PHP in total revenue.
“We are very pleased with the above-expected performance that illustrates the tremendous effort we have put into improving our operations without reducing service quality and amenities,” Rajon, Chairman and Chief Executive Officer, said in a news release.
Shares of Bloomberry are up about 72% so far in 2014, “making it the best-performing gaming stock globally,” J.P. Morgan Securities (Asia-Pacific) said in a report last week.
JP Morgan’s team attributed the rally to strong sales growth, fast EBITDA margin growth and expectations for further improvements in the international VIP market. 실시간 바카라사이트
Soler was the first of four $1 billion casinos scheduled for Entertainment City, a special economic zone under the supervision of state-run Philippine Entertainment and Gaming Corporation (Pagcor). The casino is part of the Philippine government’s effort to become Asia’s third-largest gambling center, along with Macau and Singapore.