• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 10 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Solaire Resort North generates GGR of US$63 million in first full quarter of operations but Entertainment City drag hits Bloomberry’s Q3 bottom line

Ben Blaschke by Ben Blaschke
Wed 13 Nov 2024 at 10:47
IAG announces elite Judging Panel for Asian Gaming Power 50 Black Tie Gala Dinner at Solaire Resort North

Solaire Resort North

28
SHARES
702
VIEWS
Print Friendly, PDF & Email

Solaire operator Bloomberry Resorts Corp recorded a 22% year-on-year increase in gross gaming revenues to Php16.3 billion (US$278 million) in 3Q24, with the increase mainly due to revenue contributed by the recently opened Solaire Resort North in Manila’s Quezon City.

However, the challenging business environment at Solaire Resort Entertainment City resulted in a year-on-year decline in group-wide EBITDA, while the company fell to a net loss of Php470 million (US$8 million) for the period due to the reduced EBITDA as well as significantly higher depreciation and amortization, and interest expense associated with Solaire Resort North. Consolidated Adjusted EBITDA fell by 3.4% year-on-year to Php4.06 billion (US$69 million).

The highlight of Bloomberry’s Q3 results was the ongoing ramp of Solaire Resort North, opened in May, which recorded GGR of Php3.68 billion (US$63 million) in its first full quarter of operations. Although the property suffered a slight GGR loss from its limited VIP operations, mass tables generated Php1.62 billion (US$28 million) in GGR and EGM’s Php2.08 billion (US$35 million). Property EBITDA was Php660 million (US$11 million).

In Entertainment City, GGR fell 5% year-on-year to Php12.6 billion (US$215 million), with VIP volumes down 25% and mass table volumes down 24%, resulting in GGR of Php3.62 billion (US$62 million) and Php4.49 billion (US$76 million) respectively. EGM coin-in was down 7% with GGR of Php4.48 billion (US$76 million). Property EBITDA of Php3.59 billion (US$61 million) was down 18% year-on-year.

“As we started to record higher depreciation costs and interest expenses related to the commencement of Solaire Resort North’s operations, we reported a net loss in the July to September quarter of 2024,” said Bloomberry Chairman and CEO, Enrique Razon Jr.

“The business environment remains challenging in Entertainment City as gaming volumes declined. However, the gaming volumes generated by our Quezon City property more than offset this weakness resulting in a 22% year-over-year increase in our total Philippine gaming revenues for the quarter. After its first full quarter of operations, we believe that Solaire North’s ramp-up is still on pace.”

For the first nine months of 2024 combined, Bloomberry’s consolidated GGR is up 2% to Php45.5 billion (US$775 million), although consolidated EBITDA of Php12.6 billion (US$215 million) is down from Php15.4 billion (US$262 million) in the first nine months of 2023. EBITDA continued to be impacted by weakness in the VIP and premium mass segments at Solaire Resort Entertainment City as well as the recognition of pre-operating and operating expenses at Solaire Resort North, the company stated.

RelatedPosts

PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Century Entertainment signs joint venture agreement to develop gaming system platforms for Asia-Pacific markets

Thu 10 Jul 2025 at 06:22
Interview with NUSTAR’s Chief Operating Officer Sean Knights

Interview with NUSTAR’s Chief Operating Officer Sean Knights

Wed 9 Jul 2025 at 17:45
Philippines licensed casinos suffer 2Q24 GGR decline but E-Games sector drives industry growth

PAGCOR chair Tengco says prohibition no solution to online gambling concerns, welcomes advertising restrictions

Wed 9 Jul 2025 at 06:22
Philippines President Marcos open to stricter online gambling regulations if “well-studied”

Philippines President Marcos open to stricter online gambling regulations if “well-studied”

Tue 8 Jul 2025 at 06:21
Load More
Tags: Bloomberry Resorts CorpEnrique K Razon JRgross gaming revenuesPhilippinesSolaire Resort Entertainment CitySolaire Resort North
Share11Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Century Entertainment signs joint venture agreement to develop gaming system platforms for Asia-Pacific markets

by Newsdesk
Thu 10 Jul 2025 at 06:22

Century Entertainment International Holdings Ltd has announced the formation of a joint venture with Philippines-based World Platinum Technologies Inc (WPT) with the goal of conducting research, development, marketing and sales of WPT’s gaming system platforms and related content in the...

Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Citi: Macau industry EBITDA likely to have grown by 3% in 2Q25

by Ben Blaschke
Thu 10 Jul 2025 at 05:46

Investment bank Citigroup believes the 8% year-on-year growth in gaming revenues generated by Macau’s casino operators in the June quarter will translate to 3% industry EBITDA growth – somewhat tempered by an unfavorable revenue mix due to a rebound in...

Thailand’s casino bill officially on hold after House votes to remove it from agenda

Thailand’s casino bill officially on hold after House votes to remove it from agenda

by Ben Blaschke
Thu 10 Jul 2025 at 05:42

Thailand’s controversial casino bill is officially off the House agenda after members voted in favor of its withdrawal on Wednesday. Local media outlet The Nation reported that the vote took place after two hours of debate, with 253 votes in...

Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

by Pierce Chan
Wed 9 Jul 2025 at 19:46

Around 90% of the middle and senior staff of Macau’s six concessionaires are now local employees, the government has revealed. According to information made public by Secretary for Economy and Finance Tai Kin Ip during a plenary session of the...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English