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Manila Bulletin devider Business devider Bloomberry returns to profitability with P4-B net income

Bloomberry returns to profitability with P4-B net income

Published Nov 8, 2022 02:22 pm

Bloomberry Resorts Corporation, owner and operator of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a consolidated net profit of P4.0 billion for the first nine months this year, a reversal from the net loss of P3.0 billion in the same period last year.

“Against a global economic backdrop of rising inflation and interest rates, our business saw third quarter gaming volumes further improve toward pre-pandemic levels,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.

Bloomberry Chairman & CEO Enrique K. Razon Jr.

He added that, “Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95 percent of January to September 2019 values, demonstrating the resilience of local discretionary consumption.”

Razon said their VIP segment experienced progressive recovery as it benefited from gradually improving international traffic.

“While we remain focused on the recovery of Solaire in Entertainment City, work continues unimpeded on our second integrated resort, Solaire Resort North. We topped-off the structure last July and we remain on schedule to open by the fourth quarter of next year. We believe that once opened, Solaire Resort North will be able to expand and strengthen our foothold in this burgeoning domestic gaming market,” he noted.

Consolidated GGR (gross gaming revenue) was P35.4 billion, representing an increase of 80 percent from P19.6 billion in the first nine months of 2021, while consolidated net revenue was P27.3 billion, representing an increase of 78 percent against P15.4 billion in the same period last year.

Consolidated net gaming revenue in the first nine months was P22.8 billion, up by 74 percent compared to P13.1 billion in the same period last year.

In the first nine months, Solaire’s VIP, mass table, and EGM GGR were P11.8 billion, P12.3 billion, and P11.3 billion, representing year-over-year growth of 131 percent, 53 percent, and 75 percent, respectively.

Of note is the combined GGR performance of the domestic-focused mass tables and slots segments which have recovered to well over 95 percent of 2019 levels. Also remarkable is the performance of the slots segment where coin-in has far exceeded pre-pandemic volumes.

Solaire Korea’s Jeju Sun reported nil gaming revenue in the third quarter as operations at the property were suspended. Jeju Sun reopened with limited gaming operations last October 3, 2022.

During the quarter, Solaire’s hotel, F&B and retail segments operated at capacities allowed by the IATF. Consolidated non-gaming revenue in the first nine months was P4.5 billion, higher by 96 percent compared to the same period last year.

Non-gaming revenue at Solaire in the first nine months was P4.5 billion, representing an increase of 96 percent year-over-year.

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Enrique K. Razon Jr. Bloomberry Resorts Corporation
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