Bloomberry Resorts posts a GGR of US$230m in Q3
Bloomberry Resorts reported that mass table games and slots revenue reached over 95 per cent of pre-pandemic levels.
The Philippines.- Casino operator Bloomberry has shared its financial results for the third quarter of the year. Gross gaming revenue (GGR) at Solaire Resort and Casino in the Metro Manila region was PHP13.4bn (US$230m), up 89 per cent year-on-year and up 2 per cent from the previous quarter.
Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were PHP132.8bn, PHP10.6bn, and PHP85.1bn, representing year-over-year growth of 23 per cent, 77 per cent, and 118 per cent, respectively. Bloomberry attributed the increase to the easing of Covid-19 restrictions.
VIP, mass table, and EGM GGR were PHP4.7bn, PHP4.4bn, and PHP4.3bn, representing year-over-year increases of 136 per cent, 61 per cent, and 81 per cent, respectively.
The company posted consolidated net revenue of PHP10.1bn, up 97 per cent year-on-year. Earnings before interest, taxation, depreciation and amortisation (EBITDA) were up 301 per cent year-on-year to PHP3.6bn. Net profit was PHP1.5bn, compared to a net loss of PHP1.1bn in the same quarter last year.
For the first nine months of the year, Bloomberry reported consolidated GGR of PHP35.4bn, up 80 per cent on year-on-year terms. Consolidated net revenue was PHP27.3bn, an increase of 78 per cent against PHP15.4bn in the same period last year.
At Solaire, non-gaming revenue for the third quarter was PHP1.9bn, up 141 per cent year-on-year. Consolidated non-gaming revenue in the first nine months was PHP4.5bn, higher by 96 per cent compared to the same period last year.
Bloomberry’s consolidated net revenues in the third quarter were PHP10.1bn, up 97 per cent year-on-year and up 1 per cent when compared to the previous quarter. Consolidated net revenue in the first nine months was PHP27.3bn, higher by 78 per cent year-over-year.
Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “Against a global economic backdrop of rising inflation and interest rates, our business saw third-quarter gaming volumes further improve toward pre-pandemic levels.
“Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95 per cent of January to September 2019 values, demonstrating the resilience of local discretionary consumption. Our VIP segment experienced progressive recovery as it benefited from gradually improving international traffic.
“While we remain focused on the recovery of Solaire in Entertainment City, work continues unimpeded on our second integrated resort, Solaire Resort North. We topped off the structure last July and we remain on schedule to open by the fourth quarter of next year.
“We believe that once opened, Solaire Resort North will be able to expand and strengthen our foothold in this burgeoning domestic gaming market.”
When finished, Solaire North will have 500 to 600 hotel rooms, 200 to 250 gaming tables and 2,000 to 3,000 slot machines.
