Philippine gaming operator Bloomberry Resorts has reported consolidated net income of PHP9.5 billion ($170 million) for 2023, an 85 percent increase from PHP5.1 billion ($91 million) in 2022.
After removing the impact of a PHP201.7 million ($3.6 million) one-time net gain from the disposition of assets in 2023, consolidated net income would have increased by 81 percent. Net income in 4Q23 was PHP1.3 billion ($23 million), representing an 11 percent increase from PHP1.1 billion ($20 million) in the same quarter of the previous year.
According to the financial results released on Monday, Bloomberry Resorts highlights that total gross gaming revenue (GGR) at Solaire was PHP58.3 billion ($1.03 billion), 16 percent higher than the PHP50.1 billion ($89 million) recorded in 2022.
Total GGR has recovered to 97 percent of the 2019 level, driven by the domestically-focused mass tables and Electronic Gaming Machines (EGM) segments, which on a combined basis have reached 116 percent of pre-pandemic levels.
Bloomberry Resorts’ flagship property, Solaire, also recorded a surge in all segments, including VIP, mass table, and EGM.
Its VIP GGR was up 18 percent from 2022, reaching PHP19.5 billion ($348 million), and mass GGR grew 8 percent yearly to PHP18.2 billion ($325 million), while EGM GGR also increased by 22 percent to PHP20.6 billion ($368 million).
Regarding expenses, Bloomberry’s consolidated cash operating expenses reached PHP29 billion ($518 million) in 2023, higher by 18 percent compared to PHP24.6 billion ($439 million) in 2022.
“The increase in cash operating expenses was due to higher gaming taxes, salaries and benefits, and cost of sales, which are consistent with the improved level of business activity at Solaire,” it stated in report.
In a statement, Bloomberry Chairman and CEO Enrique K. Razon Jr. noted that the financial and operating results for 2023 reflect “a resilient Philippine economy amid a challenging global economic landscape.”
“Driven by a strong domestic market, our annual EBITDA and net profit grew by 35 percent and 85 percent 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.”
