Bloomberry Resorts Corporation, reported an unaudited consolidated net income of P679.4 million for the first quarter of 2022, reversing from net loss of P780.8 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, the owner of Solaire Resort & Casino and Jeju Sun Hotel & Casino, said it also posted a net loss of P1.3 billion in the last quarter of 2021.
“We reported a strong set of results despite a return to GCQ Alert Level 3 in January. Our gross gaming revenues increased by 30 percent while consolidated EBITDA doubled year-over-year,” Bloomberry Chairman and CEO Enrique K. Razon Jr. said.
He noted that, “For the first time in eight quarters, we recorded positive net earnings on growth driven by our domestic mass gaming segment. Business and pandemic conditions permitting, we look to sustain the recovery for the rest of the year.”
“If travel constraints among Asian jurisdictions continue to ease, then we may see operations at Solaire ramp up further in the coming quarters. However, should COVID-19 cases surge anew, Bloomberry remains equipped to handle a return to tighter restrictions,” Razon added.
Total gross gaming revenues at Solaire was P8.9 billion, representing an increase of 30 percent from P6.9 billion in the first quarter of 2021.
GGR growth was supported by much improved domestic patron confidence driven by the high nationwide vaccination rate and the easing of COVID-19 restrictions throughout the quarter. Compared to the fourth quarter of 2021, GGR at Solaire improved by 12 percent.
Solaire’s VIP, mass table, and electronic gaming machines GGR in the first quarter were P2.6 billion, P3.8 billion, and P2.4 billion, representing year-over-year increases of 36 percent, 53 percent, and 1 percent, respectively.
Year-over-year growth in mass tables GGR was driven by a high hold rate while drop was slightly lower. On a sequential basis, VIP and mass tables recorded increases of 60 percent and 19 percent, respectively. EGM GGR declined by 21 percent sequentially.
Solaire Korea’s Jeju Sun reported nil gaming revenue in the first quarter as operations at the property have been suspended since March 21, 2020.
Consolidated contra revenue accounts in the first quarter increased by 18 percent year-over-year to P2.1 billion. This represents 24 percent of consolidated GGR compared to 23 percent in the previous quarter and 26 percent in the same quarter last year.
Consolidated net gaming revenue for the first quarter reached P6.3 billion, representing an increase of 11 percent from the previous quarter and 35 percent year-over-year.
Bloomberry reported consolidated non-gaming revenue of P927.8 million for the first quarter of 2022, representing an increase of 6 percent from the P872.9 million generated in the same quarter last year.
Consolidated non-gaming revenue was lower by 6 percent compared to the fourth quarter of 2021.
At Solaire, non-gaming revenue for the first quarter was P926.6 million, representing an increase of 6 percent from the same quarter last year. Hotel occupancy was 24.1 percent, compared to 22.2 percent in the previous quarter and 21.5 percent in the first quarter of 2021.
At Solaire Korea, non-gaming revenue was P1.2 million, representing an increase of 61 percent year-over year.
Bloomberry’s consolidated net revenue in the first quarter was P7.2 billion, representing an increase of 30 percent from P5.5 billion in the same period last year. Consolidated net revenue increased by 9 percent compared to the fourth quarter of 2021.
The Company’s first quarter consolidated EBITDA was P2.9 billion, representing an increase of 100 percent from P1.4 billion in the same quarter last year.
Solaire contributed P2.9 billion to consolidated EBITDA, which was off-set by the P56.3 million LBITDA recorded at Solaire Korea. Consolidated EBITDA was 54 percent higher than the P1.9 billion recorded in the fourth quarter of 2021.