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Manila Bulletin devider Business devider The Stock Market devider Profits of Razon's gaming business surge 160%

Profits of Razon's gaming business surge 160%

Published Aug 9, 2023 07:51 am

Bloomberry Resorts Corporation, the gaming business of billionaire Enrique Razon Jr., reported a 160 percent surge in consolidated net income to P6.4 billion in the first half of 2023 from the P2.5 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said it almost doubled its consolidated net income to P3.4 billion for the second quarter, 92 percent higher than the P1.8 billion reported in the same period last year. 

SOLEC-t.jpg
Bloomberry Resort Corporation's Solaire Resort Entertainment City

After removing the impact of a P356.6 million one-time gain on sale from the disposition of an asset at Solaire Korea, consolidated net income for the quarter would have increased by 72 percent year-over-year, while first half income would have increased by 145 percent.

“During the quarter, all our business segments continued to deliver growth that pushed consolidated net revenues, EBITDA, and net profit in the first half to levels exceeding that of the same period in 2019,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.  

He noted that, “Gaming volumes in both VIP and mass gaming extended their gains year-over-year, highlighting the strength of the Philippines’ domestic gaming market and gradually recovering international visitation profile.”

“We anticipate that the growth momentum we have so far seen will continue well into the next six months and in the years ahead,” Razon added.

In the first six months, total gross gaming revenues (GGR) was P31.2 billion, higher by 41 percent year-over-year as domestic market strength was maintained in the second quarter. 

Total GGR at Solaire was 110 percent of the level reported in the first half of 2019. VIP, mass table, and EGM GGR were P11.1 billion, P9.9 billion, and P10.1 billion, representing year-over-year growth of 57 percent, 25 percent, and 44 percent, respectively.

Solaire Korea’s Jeju Sun Hotel & Casino recorded gross gaming revenue of P4.7 million in the second quarter, P3.5 million higher than the previous quarter.

First half consolidated contra revenue accounts increased by 28 percent from the same period last year to P7.6 billion. Consolidated net gaming revenue in the first six months was P21.5 billion, up by 47 percent compared to the same period last year.

Consolidated non-gaming revenue in the first half was P4.1 billion, higher by 55 percent compared to the same period last year.

Non-gaming revenue at Solaire in the first six months was P4.0 billion, representing an increase of 51 percent year-over-year.
 

 

Related Tags

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