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Manila Bulletin devider Business devider The Stock Market devider Bloomberry earnings dip on Solaire North pre-opex

Bloomberry earnings dip on Solaire North pre-opex

Published May 14, 2024 07:16 am

Bloomberry Resorts Corporation, owner and operator of Solaire Resort Entertainment City and Jeju Sun Hotel & Casino, reported an 11 percent dip in unaudited consolidated net income to P2.6 billion for the first quarter of 2024 from the P3.0 billion recorded in the same quarter last year. 

In a disclosure to the Philippine Stock Exchange, the firm said that, excluding the impact of pre-operating expenses associated with Solaire Resort North, net income would have been P2.9 billion, declining by only three percent year-over-year. On a sequential basis, net income improved by 110 percent.

Enrique Razon Jr.jpeg
Bloomberry Chairman and CEO Enrique K. Razon Jr.

“In the first quarter of 2024, Solaire in Entertainment City reported lower VIP and mass table game revenues that resulted in an 11 percent decline in consolidated net income,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.

He added that, “If net income were adjusted for P279 million of Solaire Resort North pre-operating expenses, net income would have declined by only three percent.”

“We had a strong showing in the heavily domestic slot machines segment where revenue grew by 24 percent year-over-year. This strong local demand heightens our anticipation for our second property which will open on May 25. 

“By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share,” Razon noted.

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Soon-to-open Solaire North

Bloomberry’s consolidated net revenue in the first quarter was P12.5 billion, representing a decrease of three percent from P12.9 billion in the same period last year. Consolidated net revenue increased by five percent compared to the fourth quarter of 2023.

Solaire’s VIP rolling chip volume and mass table drop were P106.9 billion and P11.1 billion, representing year-over-year declines of 36 percent, and 8 percent, respectively. The domestic-focused Electronic Gaming Machine (EGM) segment recorded a 17 percent year-on-year increase in coin-in. 

On a sequential basis, VIP rolling chip volume and mass table drop declined by 18 percent and 7 percent, respectively, while slots coin-in increased by 7 percent quarter-on-quarter. 

Total gross gaming revenue (GGR) at Solaire was P14.8 billion, representing a decrease of eight percent from P16.0 billion in the first quarter of 2023. GGR was negatively impacted by lower VIP rolling chip and mass table drop volumes, which was partly offset by strong growth in EGM coin-in and GGR. Compared to the fourth quarter of 2023, GGR at Solaire improved by seven percent. 

VIP and mass tables GGR in the first quarter were P4.3 billion and P4.6 billion, representing year-over-year declines of 33 percent and 6 percent, respectively. EGM GGR was P5.9 billion, increasing by 24 percent year-over-year. 

On a sequential basis, VIP GGR declined by 2 percent while mass tables and slots recorded increases of 12 percent and 10 percent, respectively.
Solaire Korea’s Jeju Sun recorded gross gaming revenue of P15.6 million in the first quarter, representing an increase of P14.5 million from P1.2 million in the previous quarter.

Solaire.jpg

Consolidated contra revenue accounts in the first quarter decreased by 21 percent year-over-year to P3.3 billion. This represents 22 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 P10.3 billion, representing an increase of seven percent from the previous quarter and a decrease of 5 percent year-over-year.

Bloomberry reported consolidated non-gaming revenue of P2.2 billion for the quarter, representing an increase of four percent from the P2.1 billion generated in the same quarter last year. Consolidated non-gaming revenue was lower by four percent compared to the fourth quarter of 2023.

At Solaire, non-gaming revenue for the first quarter was P2.1 billion, representing an increase of two percent from the same quarter last year. Hotel occupancy was 77.4 percent, compared to 80.3 percent in the previous quarter and 76.9 percent in the first quarter of 2023.

At Solaire Korea, non-gaming revenue was P94.5 million, representing an increase of P58.5 million from the same quarter last year.
 

Related Tags

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