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Manila Bulletin devider Business devider The Stock Market devider Bloomberry posts lower earnings in first half

Bloomberry posts lower earnings in first half

Published Aug 14, 2024 12:52 am

Bloomberry Resorts Corporation, the gaming business of billionaire Enrique K. Razon Jr., reported a 38 percent drop in consolidated net income to P3.97 billion in the first half of 2024 from the P6.42 billion posted in the same period last year.

The firm’s disclosure to the Philippine Stock Exchange showed that this is due to lower earnings from Solaire Resort Entertainment City (SEC) and losses of the newly-opened Solaire Resort North (SN) and Jeju Sun Hotel & Casino (Jeju Sun).

Excluding the impact of gains from the disposal of an asset and the liquidation of a subsidiary, net income would have decreased by 35 percent year-over-year in the first six months of 2024.

“In the second quarter and first half of 2024, our mass gaming revenues across two properties increased year-over-year despite the very high base set in the first half of 2023.

“However, continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire Resort North resulted in a decline in consolidated EBITDA and net income,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.

He added that, “Despite our weaker consolidated year-over-year performance, I am pleased to report that Solaire Resort North recorded positive EBITDA of P250 million in its first 37 days of operations. 

“We are in the early stages of the property’s ramp-up and are happy with the pace, especially as we compare it to the ramp of Solaire in Entertainment City over 11 years ago. 

“As revenues at our second property grow, we anticipate further synergies and positive operating leverage to contribute to our group’s profitability in the coming quarters.”

In the first six months of 2024, Bloomberry’s consolidated Gross Gaming Revenue (GGR) was P29.2 billion, lower by six percent compared to the same period last year. 

While consolidated GGR was impacted by continued weakness in the VIP segment, the combined performance of mass table games and electronic gaming machines across two properties recorded growth of six percent in the first half.

Non-gaming revenue was P4.6 billion in the first half of 2024, higher by 11 percent year-over-year. Net revenue declined by three percent in the first six months to P24.8 billion.

In the first half of 2024, Bloomberry’s earnings before interest, taxes, depreciation and amortization (EBITDA) was P8.6 billion, lower by 24 percent year-over-year. 

Adjusting for pre-operating expenses of P1.1 billion and P114.5 million in the first six months of 2024 and 2023, respectively, consolidated EBITDA would have declined 15 percent year-over-year.

Related Tags

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