Bloomberry Resorts posts net income of US$23.4m for Q2

Net income was down 61 per cent when compared to last year.

The Philippines.- Casino operator Bloomberry has shared its financial results for the second quarter of the year. It reported net income of PHP1.3bn (US$23.4m), down 61 per cent year-on-year and down from the PHP2.6bn (US$45m) reported for the first quarter of the year.

Gross gaming revenue (GGR) was PHP14.5bn (US$261m), down 4 per cent year-on-year. Consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) was PHP3.6bn (US$64.8m), down 33 per cent when compared to the second quarter of 2023.

Non-gaming revenue was PHP2.4bn (US$43.2m), representing an increase of 19 per cent sequentially. Net revenue was PHP12.3bn (US$221.4m), down 3 per cent quarter-on-quarter.

GGR at Solaire Resort was PHP13.3bn (US$239.4m), down 12 per cent year-on-year due to lower VIP rolling chip and mass table drop volumes. The figure was also down 11.2 per cent quarter-on-quarter. Solaire’s VIP rolling chip volume and mass table drop were PHP117.9bn (US$2.12m) and PHP10.2bn (US$183.6m), representing year-on-year declines of 32 and 23 per cent, respectively. The property’s electronic gaming machine segment recorded a 3 per cent year-on-year increase in coin-in.

VIP and mass table GGR was PHP4.7bn (US$84.6m) and PHP4.3bn (US$77.4m), representing year-over-year declines of 21 and 15 per cent, respectively. EGM GGR was PHP5.3bn (US$95.4m), increasing by 2 per cent year-over-year. Non-gaming revenue was PHP2bn (US$36m), up 6 per cent. Net revenue was PHP11bn (US$198m), down 12 per cent.

Jeju Sun, Solaire Korea’s casino, saw a GGR of PHP35.7m (US$642.6m) in the second quarter. Non-gaming revenue was PHP125.5m (US$2.25m), up 45 per cent year-on-year while net revenue was PHP161m (US$2.89m), up 77 per cent compared to the previous year.

For the first half of the year, the company posted GGR of PHP29.2bn (US$525.6m), down 6 per cent year-on-year. Net revenue was PHP24.8bn (US$446.4m), down 3 per cent. Consolidated EBITDA was PHP8.6bn (US$154.8m). It was mainly impacted by the continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire North. Net income was PHP4bn (US$72m), down 38 per cent year-on-year.

Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “In the second quarter and first half of 2024, our resilient mass gaming segment across two properties increased year-over-year despite the very high base set in the first half of 2023. However, continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire Resort North resulted in a decline in consolidated EBITDA and net income.”

“Despite our weaker consolidated year-over-year performance, I am pleased to report that Solaire Resort North recorded positive EBITDA of PHP250m in its first 37 days of operations. We are in the early stages of the property’s ramp-up and are happy with the pace, especially as we compare it to the ramp-up of Solaire in Entertainment City over 11 years ago. As revenues at our second property grow, we anticipate further synergies and positive operating leverage to contribute to our group’s profitability in the coming quarters.”