Bloomberry Resorts posts net income of US$33.2m for Q3

Net revenue was up 19.2 per cent year-on-year.

The Philippines.- The casino operator Bloomberry has shared its financial results for the third quarter of the year. The company posted net income of PHP1.86bn (US$33.2m), up 19.2 per cent in year-on-year terms but down 45.9 per cent when compared to the previous quarter.

The group’s consolidated revenues for the third quarter of 2023 reached PHP10.74bn, representing a year-on-year increase of 6.7 per cent. The figure was down 14.4 per cent compared to the second quarter.

Bloomberry Resorts Corp reported that group-wide consolidated earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the third quarter amounted to nearly PHP4.20bn. This represented a decline of 23.1 per cent from the previous quarter but an increase of 15.1 per cent from the same period last year.

The group’s consolidated gross gaming revenue (GGR) was just under PHP13.32bn, marking a year-on-year decrease of 0.4 per cent. Consolidated GGR for the three months to September 30 was down 11.9 per cent quarter-on-quarter.

In the Philippines operation, VIP table revenue was just under PHP4.03bn in the third quarter, declining by 14.5 per cent from last year and 14.4 per cent sequentially. Solaire’s mass table revenue for the third quarter was PHP4.13bn, down 5.7 per cent year-on-year and 17.9 per cent sequentially.

Slot revenue was PHP5.14bn, indicating a year-on-year increase of 20.2 per cent and a sequential decline of 4.4 per cent. Bloomberry reported that despite a weaker economic climate during the quarter, domestic gaming demand remained strong.

Looking ahead, Bloomberry is in the process of developing a casino resort project in Vertis, Quezon City, which is expected to open next year. Analysts at Morgan Stanley Asia report that the opening, originally scheduled for the first quarter of 2024, has been rescheduled to the second quarter.

The development will have a hotel, gaming, restaurants and bars, meeting facilities and retail spaces like Solaire Resort & Casino in Entertainment City. Paranaque. The project was previously delayed due to the pandemic, exacerbated by disruptions in the global supply chain.