Solaire Sets New Records for Bloomberry Te Solaire casino resort in Manila Bay’s Entertainment City has reported
all-time highs with the property’s VIP volumes growing 11 per cent while mass table drop and EGM coin-in grew 21 per cent and 29 per cent over 2017
ASIA & OCEANIA
Bloomberry, the Philippines owner of the Solaire reported gross gaming revenues grew 17 per cent to a new high of P44.927bn in 2017, while non-gaming revenues increased by 40 per cent to also hit a record P3.335bn.
Te company reported all-time high records in VIP volume, mass table drop and EGM coin-in, gross gaming and nongaming revenues. New profitability records were also achieved with the highest levels of EBITDA (both reported and hold-normalised) and net profits reported since Solaire’s opening in March 2013.
Enrique K. Razon Jr., Bloomberry chairman and CEO, said: “Going into our fifth year of operation has become even more exciting with our 2017 results in sync with the growth trajectories we have aimed for. Tis is largely due to our top notch management team and the thousands of Bloomberry and Solaire men and women, whose tireless drive and dedication keep us notches ahead.”
For the quarter ended December 31, 2017, Solaire
posted a new record high for mass table drop with a slight sequential gain. Philippine VIP volumes were up 17 per cent year-on-year while mass table drop and EGM coin-in both grew 19 per cent and 23 per cent year-on-year, respectively. On a sequential basis, VIP volumes were up seven per cent while mass tables were essentially flat. EGM coinin was not able to beat its previous P49.690bn record in the previous quarter and fell four per cent quarter-on- quarter. Solaire’s gross gaming revenues were down 11 per cent quarter-on-quarter and two per cent year-on-year to P10.27bn.
Bloomberry generated P98m in net profits in 4Q2017, dragged down by a low 1.95 per cent VIP hold, some one-off non-cash expenses relating to the depreciation of a transportation asset and unrealised foreign exchange losses as well as a P267m net loss from its Korea operations. Te Philippine operations would have generated P1.654bn in net profits assuming the VIP hold at the normal 2.85 per cent rate and would have increased by another P451m to P2.105bn without the depreciation write-off.
AUSTRALIA – Australian casino operator the Star Entertainment Group is looking to increase its exposure to Asian high rollers with a $490m deal that will give a 4.99 per cent stake in the business to each of its two long-term Hong Kong-based partners.
The Star has expanded its strategic partnership with Chow Tai Fook Enterprises Limited (CTF) and Far East Consortium International Limited (FEC) to enhance the long-term value of The Star’s properties and core businesses.
The deal will establish a more focussed marketing partnership to fuel growth in Asian VIP programs through the Hong Kong-based companies' ‘expertise, networks, customer bases and loyalty programmes.’
The three companies are already linked to The Star Entertainment via partners in a new casino project at Queen’s Wharf in Brisbane.
Chow Tai Fook is a hotel, casino, transportation, jewelry, port and telecommunications businesses which has a strong foothold in the Macau casino junket business via a partnership with SunCity. It also operates Baha Mar in the Bahamas and is looking to develop a casino in Hoi An in Vietnam.
There will be an equity investment by CTF and FEC in The Star via a $490m placement to underpin the strategic partnership and further align the interests of CTF and FEC with the long-term growth and financial performance of The Star.
Australia Ainsworth installs A600 with Winner Group
Ainsworth is expanding in Latin America with the installation of more than 100 of its newest cabinets packaged with a wide range of new game concepts developed for the Colombian market. Cabinets like the A600 in its Slant Top & Upright versions equipped with innovative games like the new Green Robin captivate the clients of the Hollywood, Rio, Havana and Broadway casinos operated by Winner Group Colombia. Green Robin offers exciting, enigmatic options of 2 or 4 level mystery jackpot, plus interactive selection functions that pay out juicy prizes in credits.
"Ainsworth has proven to be a leader in the multi-game sector with the versatile brand Multi Win. Customers of the casinos operated by Winner Group will now be able to enjoy the benefits and extended capacity of a multi-game, which maximizes casino floor space by offering packages with several of the most popular games around in a single cabinet. Brands like Quad Shot and Play 40/50/100 Lines are some of the games included in this versatile selection of games," the company stated.
Tatiana Vega, Slots Manager with Winner Group, said: "We work hard to maintain the most successful product offerings to the Colombian public. Ainsworth products consistently offer positive results and we believe they are a valid inclusion to our fleet of machines."
South Korea
South Korean casino operator Paradise Company managed to increase its revenues by 33.9 percent year-on-year in March, with GGR coming in at KRW52.19bn (US$49.5m). Te foreigner-only casinos saw table revenue increase by 35.1 per cent year-on-year in March to nearly KRW48.75bn whilst machine revenue increased by 18.9 per cent to KRW3.44bn. It’s been a good year for the operator so far with revenue for the first quarter up 19.9 per cent to KRW149.37bn. It operates four casinos; Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan and Paradise City in Incheon.
The Star said the expanded deal ‘de-risks The Star’s existing capital-light strategy of investing in its core business through joint venture developments with partners who have complementary skills and businesses.’
The Star Entertainment Group Chairman John O’Neill AO said: “The Board welcomes Chow Tai Fook and Far East Consortium as shareholders in The Star. Our expanded strategic partnership recognises the strength of our relationships built over the last four years and the shared vision of investing in properties with valuable long-term licences in sought after destinations.
“The complementary skills and businesses possessed by each partner have contributed over the past four years to creating long-term value for all shareholders, commencing with Queen’s Wharf Brisbane. More recently, The Star, Chow Tai Fook and Far East Consortium have jointly participated in the acquisition of the Sheraton Grand Mirage Gold Coast and plans to develop the first joint venture tower as part of The Star Gold Coast masterplan.”
NEWSWIRE / INTERACTIVE /MARKET DATA P33
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