{"id":777020683,"date":"2024-11-13T09:43:35","date_gmt":"2024-11-13T12:43:35","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777020683"},"modified":"2026-04-22T04:16:27","modified_gmt":"2026-04-22T07:16:27","slug":"bloomberry-resorts-posts-net-loss-of-us8m-for-q3","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/bloomberry-resorts-posts-net-loss-of-us8m-for-q3","title":{"rendered":"Bloomberry Resorts posts net loss of US$8m for Q3"},"content":{"rendered":"\n

The net loss was a result of lower EBITDA and higher depreciation and amortisation and interest expense associated with Solaire North.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- Casino operator <\/strong>Bloomberry <\/strong>has shared its financial results <\/strong>for the third quarter of the year. It reported a net loss of PHP470.2m (US$8m), compared with a PHP1.95bn profit a year earlier and a profit of PHP1.3bn (US$23.4m) in the second quarter of the year.<\/p>\n\n\n\n

The net loss was a result of lower EBITDA and higher depreciation and amortisation and interest expense associated with Solaire North. Consolidated EBITDA was PHP4.06bn (US$69m), down 3.44 per cent when compared to the third quarter of 2023 but up 11.5 per cent sequentially. <\/p>\n\n\n\n

Gross gaming revenue (GGR) was PHP16.3bn (US$278m), up 22 per cent year-on-year, driven by Solaire Resort North’s first full quarter of operations. Non-gaming revenue was PHP2.7bn (US$45.9m), an increase of 22 per cent in year-on-year terms. Net revenue was PHP13.67bn (US$232.5m), down 27.2 per cent year-on-year. <\/p>\n\n\n\n

See also:<\/strong> Bloomberry COO increases shareholding via Stock Incentive Plan<\/a><\/p>\n\n\n\n

GGR at Solaire Resort\u00a0was PHP12.6bn (US$214.3m), down 5 per cent year-on-year due to lower volumes in the VIP, mass tables and EGM segments. Solaire\u2019s\u00a0VIP rolling chip volume and mass table drop were PHP109.8bn (US$1.87bn) and PHP10.5bn (US$178.6m), representing year-on-year declines of 25\u00a0and 24 per cent, respectively.\u00a0The\u00a0property\u2019s\u00a0electronic gaming machine segment recorded a 7 per cent year-on-year decrease in coin-in.<\/p>\n\n\n\n

VIP GGR was PHP3.6bn (US$61.2m), down 10 per cent year-on-year, while mass table GGR was PHP4.5bn (US$76.5m), up 9 per cent. EGM GGR was PHP4.5bn (US$76.5m), down 13 per cent year-over-year. Non-gaming revenue was PHP1.9bn (US$32.3m), down 11 per cent. Net revenue was PHP10.2bn (US$173.6m), down 5 per cent. The venue generated EBITDA of PHP3.6bn (US$61.2m), down 18 per cent in year-on-year terms.<\/p>\n\n\n\n

Solaire Resort North<\/a>\u00a0posted GGR of PHP3.7bn (US$63m). Non-gaming revenue was PHP714.6m (US$12.1m). VIP rolling chip volume was PHP2.2bn (US$37.4m) while mass table drop was PHP6.4bn (US$108.8m). EGM coin-in was PHP30.2bn (US$513.6m). The venue generated EBITDA of PHP660m (US$11m).<\/p>\n\n\n\n

Jeju Sun<\/strong> saw a GGR loss of PHP8m\u00a0(US$0.14m). Non-gaming revenue was PHP21.9m (US$0.37m), up 21 per cent year-on-year while net revenue was PHP114m (US$1.9m), down 2 per cent. <\/p>\n\n\n\n

For the first nine months of the year, the company posted GGR of PHP45.5bn (US$775m), up 2 per cent year-on-year. Net revenue was PHP38.5bn (US$654.7m), up 6 per cent. Consolidated EBITDA was PHP12.6bn (US$215m), down 18 per cent in year-on-year terms.<\/p>\n\n\n\n

Enrique K. Razon Junior<\/strong>, <\/strong>Bloomberry chairman and CEO, said: “As we started to record higher depreciation costs and interest expenses related to the commencement of Solaire Resort North\u2019s operations, we reported a net loss in the July to September quarter of 2024.<\/p>\n\n\n\n

“The business environment remains challenging in Entertainment City as gaming volumes declined. However, the gaming volumes generated by our Quezon City property more than offset this weakness resulting in a 22 per cent year-over-year increase in our total Philippine gaming revenues for the quarter. After its first full quarter of operations, we believe that Solaire North\u2019s ramp-up is still on pace.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The net loss was a result of lower EBITDA and higher depreciation and amortisation and interest expense associated with Solaire North.<\/p>\n","protected":false},"author":176,"featured_media":21007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Bloomberry reported a Q3 net loss of PHP470.2m, reversing a prior-year profit, primarily due to increased depreciation, amortisation, and interest expenses associated with the newly operational Solaire North. While consolidated GGR rose 22% year-on-year, driven by Solaire North's first full quarter, the existing Solaire Resort experienced declines across VIP, mass tables, and EGM segments, contributing to a consolidated EBITDA decrease of 3.44%.","focusai_entities":"Bloomberry, Solaire North, Solaire Resort, Jeju Sun, Enrique K. Razon Junior","focusai_location":"Philippines, Quezon City, Jeju","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), marketing_crm (0.75), investor_analyst (0.98), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Solaire North Ramp-up","query":"What is the projected timeline and key performance indicators for Solaire North to achieve EBITDA positive contribution and mitigate the consolidated net loss?"},{"label":"Entertainment City Strategy","query":"How does Bloomberry plan to address the declining gaming volumes in existing Entertainment City segments, particularly VIP and mass tables, amidst the Solaire North ramp-up?"}],"footnotes":""},"categories":[163,16333],"tags":[15417],"class_list":["post-777020683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-bloomberry-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777020683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777020683"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777020683\/revisions"}],"predecessor-version":[{"id":777020699,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777020683\/revisions\/777020699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/21007"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777020683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777020683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777020683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}