Bloomberry Resorts Corporation saw its gross gaming revenue rise by 89% year-on-year, and 2% sequentially to Php13.4 billion (US$229.4 million) in the three months to 30 September 2022, driven by “strong domestic demand” across all gaming segments at its Manila integrated resort Solaire.
Publishing its Q3 financial results early Tuesday, Bloomberry saw particular growth in slot coin-in, up 118% year-on-year to Php85.1 billion (US$1.46 billion) with segment revenue rising by 81% to Php4.28 billion (US$73.3 million).
Mass table games produced a 77% year-on-year increase in table drop to Php10.6 billion (US$181.6 million) with GGR up 61% to Php4.38 billion (US$75.0 million), while VIP rolling chip volume climbed 23% to Php132.8 billion (US$2.28 billion) with revenue up 136% to Php4.72 billion (US$80.9 million).
On a sequential basis, VIP rolling chip volume, mass table drop, and slot coin-in grew by 13%, 14%, and 10%, respectively, Bloomberry said.
“Growth across all segments was driven by strong domestic demand supported by much easier COVID-19 mobility and travel restrictions both locally and within the Asian region,” the company explained.
There was no gaming revenue recorded at Bloomberry’s Korean casino, Jeju Sun, where operations remained suspended throughout the quarter. Jeju Sun did, however, report a 10% year-on-year increase in non-gaming revenue to Php1.3 million (US$22,250) while Solaire saw non-gaming revenues jump 141% to Php1.8 billion (US$30.8 million) with hotel occupancy at 63.1% – up from 53.4% in Q2.
Consolidated EBITDA in 3Q22 increased by 301% year-on-year to Php3.6 billion (US$61.7 million) with Solaire’s EBITDA contribution of Php3.7 billion (US$63.4 million) slightly offset by a Php64.3 million (US$1.1 million) EBITDA loss in Korea.
The company also reported consolidated net income of Php1.5 billion (US$25.7 million), reversing a net loss of Php1.1 billion (US$18.8 million) in 3Q21 although 14% lower than in the June 2022 quarter.
“Against a global economic backdrop of rising inflation and interest rates, our business saw third quarter gaming volumes further improve toward pre-pandemic levels,” said Bloomberry Resorts Corp Chairman and CEO, Enrique Razon Jr.
“Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95% of January to September 2019 values, demonstrating the resilience of local discretionary consumption. Our VIP segment experienced progressive recovery as it benefited from gradually improving international traffic.
“While we remain focused on the recovery of Solaire in Entertainment City, work continues unimpeded on our second integrated resort, Solaire Resort North. We topped-off the structure last July and we remain on schedule to open by the fourth quarter of next year.
“We believe that once opened, Solaire Resort North will be able to expand and strengthen our foothold in this burgeoning domestic gaming market.”
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