Philippines casino leader Bloomberry Resorts Corp returned to profit in 1Q22, with its flagship property Solaire Resort & Casino benefiting from the easing of COVID-19 restrictions and re-opening of international borders.
Bloomberry reported a net income of Php679.4 million (US$13 million) in Q1, reversing a Php780.8 million (US$15 million) loss a year earlier and a Php1.3 billion (US$25 million) loss in the fourth quarter of 2021. Adjusted EBITDA of Php2.9 billion (US$55 million) was more than double the Php1.4 billion (US$27 million) reported in 1Q21 and 54% higher than Q4.
Despite January and February still being impacted by capacity restrictions, which were eased in March, Solaire recorded a 30% year-on-year increase in GGR to Php8.9 billion (US$170 million), “supported by much improved domestic patron confidence driven by the high nationwide vaccination rate and the easing of COVID-19 restrictions throughout the quarter,” Bloomberry said.
VIP revenue was up 36% on 1Q21 to Php2.6 billion (US$50 million), mass table revenue by 53% to Php3.8 billion (US$73 million) and EGM revenue by 1% to Php2.4 billion (US$46 million). The company’s Korean casino, Jeju Sun, reported no gaming revenue having yet to reopen since suspending operations on 21 March 2020.
Non-gaming revenue at Solaire increased 6% year-on-year to Php926.6 million (US$18 million) with hotel occupancy still subdued at 24.1%.
“We reported a strong set of results despite a return to GCQ (General Community Quarantine) Alert Level 3 in January,” said Bloomberry Chairman and CEO, Enrique K. Razon Jr.
“For the first time in eight quarters, we recorded positive net earnings on growth driven by our domestic mass gaming segment. Business and pandemic conditions permitting, we look to sustain the recovery for the rest of the year.”
“If travel constraints among Asian jurisdictions continue to ease, then we may see operations at Solaire ramp up further in the coming quarters. However, should COVID-19 cases surge anew, Bloomberry remains equipped to handle a return to tighter restrictions.”
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