Bloomberry Resorts posts net income of US$170m for 2023

Consolidated net income was PHP9.5bn (US$170m).

The Philippines.- Casino operator Bloomberry has shared its financial results for the year 2023. It reported net income of PHP9.5bn (US$170m), up 85 per cent year-on-year. Consolidated net revenue was PHP48.4bn (US$864m), up 24 per cent while consolidated EBITDA reached PHP19.3bn (US$345m), up 35 per cent. Consolidated net income was PHP9.5bn (US$170m), up 85 per cent.

Gross gaming revenue (GGR) at Solaire Resort and Casino in the Metro Manila region was PHP58.3bn (US$1.03bn), up 16 per cent from 2022 and 97 per cent of the 2019 level. GGR was driven by domestic-focused mass tables and electronic gaming machines, which on a combined basis, reached 116 per cent of pre-pandemic levels.

Solaire’s VIP rolling chip volume, mass table drop and slot coin-in were PHP616.4bn (US$11.0bn), PHP51.2bn (US$914m) and PHP356.7bn (US$6.37bn), representing year-over-year increases of 28 per cent, 35 per cent and 16 per cent, respectively. The casino operator said all segments benefited from strong domestic demand and improvements in international visitation

VIP, mass table, and EGM GGR were PHP19.5bn (US$348m), PHP18.2bn (US$325m) and PHP20.6bn (US$368m), representing year-over-year growth of 18 per cent, 8 per cent and 22 per cent, respectively.

As for the fourth quarter of 2023, the company reported consolidated net revenue of PHP11.9bn (US$212m), up 3 per cent year-on-year. GGR at Solaire was PHP13.8bn (US$246m), down 6 per cent year-on-year.

Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “I am pleased to report our financial and operating results for 2023, which reflect a resilient Philippine economy amid a challenging global economic landscape. 

“Driven by a strong domestic market, our annual EBITDA and Net Profit grew by 35 per cent and 85 per cent year-over-year, respectively. Our mass table games, electronic gaming machines and non-gaming segments performed remarkably as revenues in these areas breached 2019 pre-pandemic levels by a significant margin.”

“We have high hopes for 2024, especially as we open our second integrated resort in the thriving metropolis of Quezon City. The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year. Solaire Resort North will massively enhance our luxury gaming and entertainment portfolio and solidify our standing as the leading integrated resort developer and operator in the Philippines.”