Bloomberry Resorts posts net income of US$61m for Q2

Gross gaming revenue at Solaire reached PHP15.11bn (US$268m).

The Philippines.- Casino operator Bloomberry has shared its financial results for the second quarter of the year. At PHP15.11bn (US$268m), gross gaming revenue (GGR) at Solaire Resort and Casino in the Metro Manila region was up 15.3 per cent year-on-year but down 5.8 per cent when compared to the previous quarter.

The company posted a net profit of PHP3.43bn (US$61.0m), up 15.1 per cent in quarter-on-quarter terms and 89.5 per cent when compared to last year. Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were PHP172.48bn, PHP13.28bn and PHP90.01bn, representing year-over-year growth of 47 per cent, 42.9 per cent and 16.6 per cent, respectively. 

On quarter-on-quarter terms, mass table and EGM GGR recorded increases of 3 per cent and 13 per cent, respectively. VIP GGR declined by 26 per cent from the previous quarter as a result of a lower hold rate.

The casino operator posted consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) of PHP5.5bn, representing a 41 per cent increase from PHP3.9bn in the same quarter last year. Jeju Sun, Solaire Korea’s casino, recorded gross gaming revenue of PHP4.7m, up from PHP3.5m in the previous quarter.

Consolidated contra revenue accounts in the second quarter decreased by 11 per cent year-over-year to PHP3.5bn. This represents 23 per cent of consolidated GGR compared to 26 per cent in the previous quarter and 30 per cent in the same quarter last year. Consolidated net gaming revenue for the second quarter reached PHP10.6bn, a decline of 2 per cent from the previous quarter and an increase of 28 per cent year-over-year.

See also: Bloomberry’s Solaire North IR opening delayed to Q2 2024