Bloomberry Resorts Corporation has reported net income of Php1.1 billion (US$20.0 million) in the three months to 31 December 2022, reversing a Php1.3 billion (US$23.6 million) loss in the prior year period thanks to an 84% increase in gaming revenues at its flagship Manila resort Solaire. Income was, however, down on the Php1.5 billion (US$27.3 million) recorded in Q3.
Gross gaming revenues at Solaire reached Php14.7 billion (US$267 million) in 4Q22, with VIP gaming booking a 184% revenue increase to Php4.7 billion (US$85.5 million). Mass tables grew by 37% to Php4.4 billion (US$80.0 million) and EGMs by 81% to Php5.6 billion (US$102 million).
Solaire Korea, Bloomberry’s much smaller casino in Jeju, didn’t fare quite so well, booking a Php8.5 million (US$155,000) loss from its reopening on 3 October 2022 through until the end of the year.
Bloomberry’s consolidated EBITDA for the December quarter was Php3.9 billion (US$70.9 million), up 113% on the Php1.9 billion (US$34.6 million) recorded in 4Q21.
For the full year, Solaire saw GGR grow by 81% to Php50.1 billion (US$911 million) in 2022, reaching 84% of 2019 levels thanks mainly to the domestic mass table games and EGM segments.
Rolling chip volume grew by 96% year-on-year to Php481.7 billion (US$8.74 billion) with GGR of 16.5 billion (US$299 million), while mass table drop increased by 54% to Php38.0 billion (US$690 million) for GGR of Php16.8 billion (US$305 million) and EGM coin-in by 91% to Php307.9 billion (US$5.59 billion) for GGR of Php16.9 billion (US$307 million).
All segments benefited from strong domestic demand which was supplemented by improved international visitation in the second half of the year, Bloomberry explained.
“2022 was a positive year of recovery for Bloomberry as Solaire benefited from a strong rebound in local demand across all business segments,” said Bloomberry Chairman and CEO, Enrique K Razon Jr.
“Our gaming revenues hit 84% of pre-pandemic levels, propelled by the domestic-focused mass table games and EGM segments where revenues have already reached 100% of 2019 pre-pandemic levels. Last year we firmly returned to profitability as net income reached Php5.1 billion, a turnaround from losses recorded in the year prior.
“While we celebrate our success in 2022, we keep our eyes on the future as we ramp-up construction activity at Solaire Resort North in Quezon City. We are excited to launch this new offering by the first quarter of 2024.
“These developments are encouraging as we mark Solaire’s 10th year of operations this March. We look forward to delivering even better results in 2023 and to reaching more milestones in the years to come.”
