Bloomberry Resorts Corporation, the owner and operator of Manila’s Solaire Resort Entertainment City, reported consolidated net revenues of Php11.9 billion (US$212 million) in the three months to 31 December 2023, up 3% year-on-year thanks in part to improved non-gaming revenues.
The 4Q23 result included total GGR at Solaire of Php13.8 billion (US$246 million), down 6% year-on-year but up 4% versus the September quarter. VIP GGR of Php4.4 billion (US$78.5 million) was down 7% year-on-year, mass table GGR of Php4.1 billion (US$73.2 million) down 8% and EGM GGR of Php5.4 billion (US$96.4 million) down 4%, the company explained.
Consolidated non-gaming revenue was Php2.3 billion (US$41.1 million), higher by 4% compared with the same quarter in 2022, while the company’s Korean casino, Jeju Sun, chipped in with GGR of Php31.0 million (US$553,000), reversing a loss of Php8.5 million (US$152,000) in 4Q22.
Consolidated EBITDA in the December 2023 quarter was Php3.9 billion (US$69.6 million), down by 0.3% year-over-year, with consolidated net income of Php1.3 billion (US$23.2 million) representing an 11% increase on the prior year period.
For FY23, consolidated net revenues climbed by 24% year-on-year to Php48.4 billion (US$864 million), with GGR at Solaire jumping by 16% to Php58.3 billion (US$1.04 billion). Bloomberry said total GGR has now recovered to 97% of 2019 levels, propelled by the “largely domestic mass table games and EGM segments which on a combined basis have increased to 116% of the 2019 level.”
VIP rolling chip volume of Php616.4 billion (US$11.0 billion) was up 28% versus 2022, mass table drop of Php51.2 billion (US$914 million) up 35% and slot coin-in of Php356.7 billion (US$6.37 billion) up 16%.
All segments benefited from strong domestic demand and further improvements in international visitation, the company added. Non-gaming revenue of Php8.3 billion (US$148 million) was 25% higher year-on-year.
Consolidated EBITDA reached Php19.3 billion (US$345 million) in FY23, higher by 35% compared to 2022, while consolidated net income of Php9.5 billion (US$170 million) was 85% higher.
“I am pleased to report our financial and operating results for 2023, which reflect a resilient Philippine economy amid a challenging global economic landscape,” said Bloomberry Chairman and CEO, Enrique K Razon Jr.
“Driven by a strong domestic market, our annual EBITDA and Net Profit grew by 35% and 85% year-over-year, respectively. Our mass table games, electronic gaming machines and non-gaming segments performed remarkably as revenues in these areas breached 2019 pre-pandemic levels by a significant margin.
“We have high hopes for 2024, especially as we open our second integrated resort in the thriving metropolis of Quezon City. The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year. Solaire Resort North will massively enhance our luxury gaming and entertainment portfolio and solidify our standing as the leading integrated resort developer and operator in the Philippines.”
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