Solaire’s 3Q19 GGR soars 46% on record mass market numbers
Manila’s Solaire Resort & Casino reported a 46% increase in gross gaming revenue in the three months to 30 September 2019, the hefty jump coming on the back of record mass market volume and improved VIP hold.
GGR reached Php17.11 billion (US$338 million) for the quarter, parent company Bloomberry Resorts announced, up from Php11.71 billion in the prior year period, with Adjusted EBITDA growing 100% year-on-year to Php6.36 billion (US$125 million) and net profit soaring by 245% to Php3.91 billion (US$77 million) “driven by higher gaming revenues and continued cost control in both the Philippines and South Korea.”
Solaire recorded record quarterly levels of both mass table drop and EGM coin-in during 3Q19, with mass table drop growing 10% to Php13.48 billion and mass table win by 1.7% to Php4.21 billion. EGM coin-in grew 23% to Php66.91 billion with win up 18.7% to Php4.26 billion.
VIP volume actually declined for the quarter, down 4.7% to Php198.66 billion, but with hold percentage significantly higher at 4.35% compared to just 1.91% 12 months earlier, VIP win was up by 117% to Php8.65 billion.
GGR at Solaire Korea, located on the holiday island of Jeju, fell 44% year-on-year to Php109 million, due to unfavorable hold, Bloomberry said.
The company’s strong 3Q19 results mean that GGR for the first nine months of 2019 in the VIP, mass and EGM are up 32%, 6% and 18% respectively.
However, Bloomberry noted that, “Despite the recent strength of the VIP business which was fueled by a higher than normal VIP win rate, the mass gaming segments continue to be the greatest source of near-term and long-term growth for Solaire.”