Billionaire Enrique K. Razon Jr.’s Bloomberry Resorts Corporation (BRC), which owns the Solaire and Jeju Sun integrated resorts, reported that Thomas Arasi retired on Dec. 17, 2024, as President and Chief Operating Officer (COO).
In a disclosure to the Philippine Stock Exchange (PSE), the firm said Arasi also retired as a Board of Directors of BRC and Bloomberry Resorts and Hotels Inc. (BRHI) and from all positions in other subsidiaries.
Bloomberry said Arasi’s retirement is “for personal reasons and is effective today.” No replacement has been named yet.
The firm reported a 58 percent drop in net income for the first nine months of 2024 and a net loss for the third quarter partly due to Solaire North (SN). Net income in the first nine months of 2024 was P3.5 billion, down from P8.3 billion last year.
Excluding the impact of gains from the disposal of an asset and the liquidation of a subsidiary, net income would have decreased by 56 percent year-over-year in the first nine months of 2024.
Bloomberry recorded a net loss of P470.2 million during the quarter, compared to net income of P1.9 billion in the third quarter of 2023. The net loss resulted from significantly higher depreciation and amortization, and interest expense associated with SN.
“As we started to record higher depreciation costs and interest expenses related to the commencement of Solaire Resort North’s operations, we reported a net loss in the July to September quarter of 2024,” Razon said.
He noted that “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 percent 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’s ramp-up is still on pace,” Razon added.
In the first nine months of 2024, Bloomberry’s consolidated gross gaming revenue (GGR) was P45.5 billion, higher by two percent compared to the same period last year, while third quarter GGR was P16.3 billion, representing an increase of 22 percent from P13.3 billion from last year.
The increase was mainly due to GGR contributed by SN, which is in the early phases of its ramp-up.
The mass market segment continues to outperform the VIP business as the combined performance of mass table games and electronic gaming machines across two properties increased by 37 percent and 15 percent in the third quarter and the first nine months, respectively.
Non-gaming revenue was P2.7 billion for the third quarter, representing an increase of 22 percent from P2.3 billion generated in the same quarter last year. In the first nine months of 2024, non-gaming revenue was P7.4 billion, higher by 15 percent year-over-year.
Net revenue in the third quarter was P13.8 billion, representing an increase of 26 percent from P10.9 billion in the same period last year. Net revenue increased by six percent in the first nine months to P38.5 billion.
Solaire Resort Entertainment City (SEC) registered a total GGR of P12.6 billion, representing a decline of five percent from P13.3 billion in the third quarter of 2023. GGR was negatively impacted by lower volumes across VIP, mass tables and EGM segments.
Non-gaming revenue was P1.9 billion, down 11 percent from P2.2 billion in the same quarter last year. Net revenue was P10.2 billion, down five percent from P10.8 billion in the third quarter of 2023.
In its first full quarter of operations, SN generated GGR of P3.7 billion. Mass tables and EGM GGR continued its ramp on the back of domestic-driven growth in volumes played. Non-gaming revenue was P714.6 million.
Solaire Korea’s Jeju Sun recorded GGR loss of P8 million in the third quarter, compared to GGR of P14.7 million in the same quarter last year. Non-gaming revenue was P121.9 million, up 21 percent from P100.9 million in the same quarter last year.