Bloomberry Resorts posts net income of US$93.6m for 2022
GGR at Solaire was PHP50.1bn, up 81 per cent on year-on-year terms.
The Philippines.- Casino operator Bloomberry has shared its financial results for the year 2022. It reported net income of PHP5.14bn (US$93.6m), after a net loss of PHP4.25bn in 2021.
Consolidated net revenue for the year was PHP38.9bn, a 77 per cent increase from PHP22.0bn in the previous year. Consolidated EBITDA reached PHP14.3bn, up by 175 per cent year-on-year.
Gross gaming revenue (GGR) at Solaire Resort and Casino in the Metro Manila region was PHP50.1bn, up 81 per cent from PHP27.6bn in 2021.
The report revealed that the GGR has now recovered to 84 per cent of pre-pandemic levels, mainly driven by the domestic mass tables and electronic gaming machines (EGM) segments.
The VIP, mass table, and EGM GGR at Solaire were PHP16.5bn, PHP116.8bn, and PHP116.9bn, respectively. These figures represent year-on-year growth of 144 per cent, 48 per cent, and 77 per cent, respectively.
All segments benefited from strong domestic demand, which was supplemented by improved international visitation in the second half of the year. The mass table games and EGM segments have each reached 100 per cent of pre-pandemic levels.
As for the fourth quarter of the year 2022, the company reported consolidated net revenue of PHP11.6bn, representing an increase of 75 per cent year-on-year. GGR at Solaire was PHP14.7bn, up 84 per cent year-on-year.
Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “2022 was a positive year of recovery for Bloomberry as Solaire benefited from a strong rebound in local demand across all business segments.
“Our gaming revenues hit 84 per cent of pre-pandemic levels, propelled by the domestic-focused mass table games and EGM segments where revenues have already reached 100 per cent of 2019 pre-pandemic levels. Last year we firmly returned to profitability as net income reached PHP5.1bn, a turnaround from losses recorded in the year prior.
“While we celebrate our success in 2022, we keep our eyes on the future as we ramp-up construction activity at Solaire Resort North in Quezon City. We are excited to launch this new offering by the first quarter of 2024.
“These developments are encouraging as we mark Solaire’s 10th year of operations this March. We look forward to delivering even better results in 2023 and to reaching more milestones in the years to come.”
Last July, Enrique Razon Jr said that the Solaire North IR could potentially open in the fourth quarter of 2023.