Philippine-listed Bloomberry Resorts Corporation reported a profit of PHP1.1 billion ($21.3 million) for the third quarter, 39% lower than that posted during the same period last year.

In a press release accompanying its latest financial report, the operator of the Solaire Resort & Casino in the Philippines and the Jeju Sun Hotel & Casino in South Korea explained the lower result as “due to lower EBITDA [earnings before interest, taxes, depreciation, and amortization] and a 159% increase in interest expense relating to the new Syndicated Loan,” the proceeds of which “were used to retire previous debt facilities and finance the acquisition of land from PAGCOR [Philippine Amusement and Gaming Corporation] where Solaire and its expansion area is located in Entertainment City.”

Mass table drop, the amount of money changed for chips at the table, was a record for a quarter, with Solaire generating PHP12.3 billion ($23 million), 27% higher year on year. The resort’s electronic gaming machine coin-in amounted to P54.3 billion ($1 billion), 9% higher year on year and also a record high.

VIP volume made for PHP592.8 billion ($11.1 billion), while VIP gross gaming revenue fell 6% to P15.8. “The lower VIP GGR caused Bloomberry’s promotional allowances and contra accounts to contract by 2% year-on-year to PHP2.9 billion ($53.6 million),” the statement read.