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Manila Bulletin devider Business devider The Stock Market devider Razon's Bloomberry more than doubles profits in 9 months

Razon's Bloomberry more than doubles profits in 9 months

Published Nov 7, 2023 07:12 am

Billionaire Enrique L. Razon Jr.’s gaming firm Bloomberry Resorts Corporation reported a 106 percent surge in consolidated net income to P8.3 billion in the first nine months of 2023 from the P4 billion earned in the same period last year.

The owner of Solaire Resort Entertainment City and Jeju Sun Hotel & Casino (Jeju Sun) disclosed to the Philippine Stock Exchange (PSE) that consolidated net income for the third quarter alone was 20 percent higher at P1.9 billion compared to the P1.5 billion posted in the same quarter last year. 

However, consolidated net income was 46 percent lower than the P3.4 billion reported in the second quarter of 2023.

Bloomberry completes largest quarantine facility
Bloomberry Chairman and CEO Enrique K. Razon Jr. 

“During the quarter, we saw the resilience of the Philippine gaming market as gaming volumes in our mass tables and EGM segments continued to expand on a sequential and year-over-year basis, despite the quarter's weaker-than-anticipated economic climate,” said Razon, Bloomberry Chairman and CEO. 

He noted that, “these mass-oriented gaming segments as well as our hotel, F&B (food and beverage), retail and other segments continue to perform well above their pre-pandemic run rates and are testaments to the strength of our domestic customer base.”

“With the opening of our second property next year, we aim to capitalize on this domestic strength. At this time, the construction of Solaire Resort North is on schedule to be completed by March 2024,” said Razon. 

He added that, “We anticipate that Solaire Resort North will strengthen our market leadership position in the Philippines and raise the regional competitiveness of the Philippine gaming industry to new heights.”

Solaire.jpg

In the first nine months, total GGR was P44.5 billion, higher by 26 percent year-over-year. VIP, mass table, and EGM GGR were P15.1 billion, P14 billion, and P15.3 billion, representing year-over-year growth of 29 percent, 14 percent, and 35 percent, respectively. 

Strong domestic demand continued to prop-up mass tables GGR and EGM GGR to well above nine months 2019 levels at 114 percent and 125 percent, respectively.

The company reported consolidated non-gaming revenue of P2.3 billion for the third quarter, representing an increase of 23 percent from the P1.9 billion generated in the same quarter last year. 

Consolidated non-gaming revenue in the first nine months was P6.4 billion, higher by 42 percent compared to the same period last year.

Bloomberry’s consolidated net revenue in the third quarter was P10.9 billion, representing an increase of 8 percent from P10.1 billion in the same period last year. 

Consolidated net revenue in the first nine months was P36.5 billion, higher by 33 percent year-over-year.

 

Related Tags

Enrique K. Razon Jr. Bloomberry Resorts Corporation Solaire Resort & Casino
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