Bloomberry Resorts posts net income of US$54m for Q1

Total gross gaming revenues (GGR) at Solaire was PHP16bn (US$287m), representing an increase of 80 per cent in year-on-year terms.

The Philippines.- Casino operator Bloomberry has shared its financial results for the first quarter of the year and reported gross gaming revenue (GGR) at Solaire Resort and Casino in the Metro Manila region was PHP16bn (US$287m), up 80 per cent year-on-year. Compared to the fourth quarter of 2022, GGR at Solaire improved by 9 per cent.

Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were PHP168.2bn (US$3.02m), PHP12.1bn, and PHP84bn, representing year-over-year growth of 103 per cent, 73 per cent, and 53 per cent, respectively. Sequentially, VIP rolling chip volume and mass table drop were up 13 per cent and 9 per cent, respectively, whereas slots coin-in was down 7 per cent.

VIP, mass table, and slots GGR increased significantly year-over-year. VIP GGR rose by 142 per cent, mass tables by 27 per cent, and slots by 95 per cent. Higher gaming volumes played drove growth in all segments, while the VIP and slots segments also benefited from higher win rates. 

Sequentially, VIP and mass tables increased by 36 per cent and 10 per cent, respectively. However, electronic gaming machine GGR declined by 15 per cent compared to the previous quarter.

Jeju Sun, Solaire Korea’s casino, experienced a gross gaming revenue of PHP1.2m in the first quarter, a reversal from the gross gaming revenue loss of PHP8.5m in the previous quarter.

Consolidated contra revenue accounts rose by 98 per cent year-over-year to PHP4.2bn, representing 26 per cent of consolidated GGR compared to the previous quarter’s 28 per cent and the same quarter last year’s 24 per cent.

Consolidated net gaming revenue for the first quarter reached PHP10.8bn, up by 15 per cent from the previous quarter and 72 per cent year-over-year.

Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “During the first quarter of 2023, Bloomberry delivered an outstanding set of results. Solaire’s VIP, mass tables and slots segments all posted substantial gains as gaming volumes expanded. Our performance was highlighted by a 338 per cent increase in consolidated net income to PHP3.0bn, driven by still strong domestic demand and increased participation by international patrons from around the region. In addition, consolidated revenues, EBITDA, and net income have all breached their first quarter 2019 pre-pandemic levels.”

“We remain optimistic about continued growth as the recovery of international travel progresses and further augments domestic spending in our VIP and mass gaming segments, as well as in our hotel, F&B, and retail businesses.”

See also: Bloomberry to build third IR in Cavite after Quezon City launch