Bloomberry GGR decreases year-over-year in Q2
Gross gaming revenue was down 1 per cent year-over-year.
The Philippines.- Casino operator Bloomberry has shared its financial results for the second quarter and first half of the year. In Q2, gross gaming revenue (GGR) was PHP14.3bn (US$250m), down 1 per cent year-over-year. For H1, consolidated GGR was PHP31.1bn (US$545.6m), up 6 per cent.
GGR was impacted by continued weakness in the VIP and premium mass segments, particularly at Solaire Resort Entertainment City (SEC). According to the company, the combined performance of mass table games and electronic gaming machines across its two Metro Manila properties led to GGR growth of 18 per cent and 24 per cent in Q2 and H1, respectively.
Non-gaming revenue was PHP3.2bn for Q2, up 35 per cent year-over-year. Net revenue totalled PHP12.7bn, up 3 per cent. H1 net revenue increased by 9 per cent to PHP27bn. H1 EBITDA was PHP6.9bn, down 19 per cent year-over-year. Net income was PHP1.9bn, down 52 per cent.
Q2 GGR at Solaire Resort Entertainment was PHP9.8bn, down 27 per cent year-over-year. EBITDA was PHP1.7bn, down 61 per cent, and non-gaming revenue was PHP2.1bn, up 2 per cent. Net revenue was PHP8.2bn, down 25 per cent.
VIP rolling chip volume was PHP63.9bn, down 46 per cent. VIP GGR was PHP1.4bn, down 62 per cent. Mass table GGR was PHP3.9bn, down by 9 per cent.
Solaire Resort North generated GGR of P4.5bn in Q2, up from PHP1.1bn. EBITDA totalled PHP1.1bn and non-gaming revenue was PHP1bn. VIP rolling chip volume was PHP4.3bn. Solaire Korea’s Jeju Sun recorded GGR of PHP2.5m, down PHP33.2m the same quarter last year. Non-gaming revenue totalled PHP126.2m, up 1 per cent and net revenue was PHP128.3m, down 20 per cent.
Enrique K. Razon Jr., Bloomberry chairman and CEO, said: “It was a challenging second quarter for Bloomberry as softness persisted in Solaire Entertainment City’s VIP and premium mass segments. However, Solaire North saw further growth as mass gaming volumes and non-gaming revenue increased over the previous quarter. The gains in our second property contributed to the performance of our Metro Manila mass gaming and non-gaming revenue which rose 18% and 37% year-over-year, respectively.”
“Last June, our new online platform “MegaFUNalo!” was made available to the public on a soft-launch basis. In the coming months, we will introduce more content and enhancements to the platform that will strengthen its competitiveness.”
