Solaire operator Bloomberry Resorts Corp reported net income of Php3.4 billion (US$60.4 million) in the three months to 30 June 2023, up 92% year-on-year and 13.3% higher than 1Q23, driven by strong gains in its mass gaming business.
While the Q2 profit result was aided by a Php356.6 million (US$6.3 million) one-time gain on sale from the disposition of an asset at Jeju Sun, gross gaming revenues improved across the board with GGR at Manila flagship Solaire Resort Entertainment City up 15% year-on-year to Php15.1 billion (US$268 million).
Mass table GGR of Php5.03 billion (US$89.3 million) at Solaire was 22.3% higher year-on-year, slots GGR of Php5.38 billion (US$95.5 million) up 17.0% and VIP GGR of Php4.71 billion (US$83.6 million) up 6.8%. Both mass tables and VIP outperformed despite seeing significantly lower hold than in 2Q22.
Jeju Sun recorded GGR of Php4.7 million (US$83,400) in the second quarter, up 292% over the March 2023 quarter.
Consolidated non-gaming revenue of Php2.0 billion (US$35.5 million) included Php1.9 billion (US$33.7 million) from Solaire, up 11% year-on-year, while Jeju Sun contributed Php87.9 million (US$1.6 million) versus almost no non-gaming revenue a year earlier.
Consolidated EBITDA was Php5.5 billion (US$97.6 million), representing a 41% year-on-year increase although slightly down from Php5.7 billion (US$101 million) in Q1, with Solaire contributing all EBITDA profit.
“During the quarter, all our business segments continued to deliver growth that pushed consolidated net revenues, EBITDA, and net profit in the first half to levels exceeding that of the same period in 2019,” said Bloomberry Chairman and CEO, Enrique K Razon Jr.
“Gaming volumes in both VIP and mass gaming extended their gains year-over-year, highlighting the strength of the Philippines’ domestic gaming market and gradually recovering international visitation profile. We anticipate that the growth momentum we have so far seen will continue well into the next six months and in the years ahead.”
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