Bloomberry Resorts reported that GGR at Solaire improved by 47 per cent compared to the first quarter.
The Philippines.- Casino operator Bloomberry has shared its financial results for the second quarter of the year. It’s reported that gross gaming revenue was up 131 per cent year-on-year from PHP5.7bn to PHP13.1bn (US$235m). The figure was also up 47 per cent quarter-on-quarter.
The company posted consolidated net revenue of PHP10bn, up 112 per cent year-on-year and 39.3 per cent compared to the previous quarter. Earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 277 per cent year-on-year to PHP1bn. The company reported a consolidated EBITDA of PHP2.86bn in the first quarter of the year. Net profit was PHP679.4m, 164 per cent higher than the last quarter.
Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income.
“Absent the emergence of new COVID-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security.”
In the first quarter, Solaire’s VIP, mass table, and EGM GGR increased 281 per cent, 450 per cent, and 175 per cent, respectively, compared with the same period a year ago.
Higher gaming volumes drove year-over-year growth across all segments, with slot coin-in surpassing levels seen before the pandemic. Compared to the prior period, VIP table revenue increased by 67 per cent, mass table revenue by 7 per cent, and EGM revenue by 89 per cent.
The company reported consolidated non-gaming revenue of PHP1.7bn for the quarter, representing an increase of 163 per cent from the PHP657m generated in the same quarter last year. Consolidated non-gaming revenue was higher by 86 per cent compared to the previous quarter. In the first half, it was P2.7 billion, up 74 per cent compared to the same period last year.
At Solaire, non-gaming revenue for the second quarter was PHP1.7bn, up 163 per cent year-on-year. In the first half of the year, the figure was PHP2.7bn, up 74 per cent year-over-year.
Bloomberry’s Solaire North IR is on track to open in Q4 2023
A week ago, Bloomberry held a formal topping-off ceremony at its Solaire North integrated resort in Vertis, Quezon City and confirmed plans for a Q4 2023 opening.
The company posted on Facebook: “The addition to the Solaire brand aims to capture and cater to the northern and eastern markets of Metro Manila and the National Capital Region. The property is expected also to offer hotel, gaming, restaurants and bars, meeting facilities, and retail spaces like its pioneer development, Solaire Resort & Casino in Entertainment City in Paranaque.”
In April, Enrique Razon Jr, Bloomberry Resorts CEO, had said he expected to open the integrated resort in the second half of next year. The company is now specifying that the opening will be in the final quarter.