Bloomberry Resorts posts net income of US$45m for Q1

Net income was down 13.3 per cent when compared to last year.

The Philippines.- Casino operator Bloomberry has shared its financial results for the first quarter of the year. It reported net income of PHP2.6bn (US$45.0m), down 13.3 per cent from the prior-year period but double the PHP1.3bn reported in the fourth quarter of 2023.

Consolidated net revenue was PHP12.5bn (US$216m), down 3 per cent year-on-year but up 5 per cent when compared to the previous quarter. Group-wide consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at PHP4.9bn (US$83.3m), down 14 per cent year-on-year but up 25.6 per cent sequentially.

GGR at Solaire Resort was PHP14.8bn (US$256m), down 8.1 per cent year-on-year due to lower VIP rolling chip and mass table drop volumes. The figure was up 6.9 per cent quarter-on-quarter.

Solaire’s VIP rolling chip volume and mass table drop were PHP106.9bn (US$1.816m) and PHP11.1bn (US$188.7m), representing year-on-year declines of 36 per cent, and 8 per cent, respectively. The property’s electronic gaming machine (EGM) segment recorded a 17 per cent year-on-year increase in coin-in.

VIP and mass tables GGR was PHP4.3bn (US$73.1m) and PHP4.6bn (US$78.2m), representing year-over-year declines of 33 per cent and 6 per cent, respectively. EGM GGR was PHP5.9bn (US$102m), increasing by 24 per cent year-over-year.

Jeju Sun, Solaire Korea’s casino, saw GGR of PHP15.6m (US$269,580) in the first quarter. Consolidated net gaming revenue for the first quarter reached PHP10.3bn (US$175.1m), up by 7 per cent from the previous quarter but down 5 per cent year-over-year.

Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “In the first quarter of 2024, Solaire in Entertainment City reported lower VIP and mass table game revenues that resulted in an 11 per cent decline in consolidated net income. If net income were adjusted for PHP279m of Solaire Resort North pre-operating expenses, net income would have declined by only three per cent.

“We had a strong showing in the heavily domestic slot machines segment where revenue grew by 24 per cent year-over-year. This strong local demand heightens our anticipation for our second property which will open on May 25. By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share.”

See also: Bloomberry CEO expects Solaire North IR to be “fully ramped up” by 2026