Bloomberry Resorts Corp has reported robust results in the first three quarters of the year, as its net income surged 106 percent from PHP4 billion ($71 million) to PHP8.3 billion ($148 million).
According to a Tuesday filing, Bloomberry notes that ‘after removing the impact of a PHP356.6 million ($6.4 million) one-time gain on sale from the disposition of an asset in the second quarter, consolidated net income would have increased by 97 percent.’
Enrique K. Razon Jr., Bloomberry Chairman and CEO, said, “During the quarter, we saw the resilience of the Philippine gaming market as gaming volumes in our mass tables and EGM segments continued to expand on a sequential and year-over-year basis, despite the quarter’s weaker-than-anticipated economic climate. These mass-oriented gaming segments as well as our hotel, F&B, retail, and other segments continue to perform well above their pre-pandemic run rates and are testaments to the strength of our domestic customer base.”
“With the opening of our second property next year, we aim to capitalize on this domestic strength. At this time, the construction of Solaire Resort North is on schedule to be completed by March 2024. We anticipate that Solaire Resort North will strengthen our market leadership position in the Philippines and raise the regional competitiveness of the Philippine gaming industry to new heights.”
The company’s latest financial results show that its consolidated GGR was PHP44.5 billion ($793 million), representing an increase of 26 percent from PHP35.4 billion ($630 million) in the first nine months of 2022.
In 3Q23, Solaire’s VIP rolling chip volume, mass table drop, and EGM coin-in were PHP146 billion ($2.6 billion), 13.9 billion ($248 million), and PHP91.2 billion ($1.62 billion), representing year-over-year growth of 10 percent, 31 percent, and 7 percent, respectively.
On a sequential basis, VIP rolling chip volume declined by 15 percent, while mass table drop and slot coin-in grew by 4 percent and 1 percent, respectively.
Solaire’s VIP and mass table GGR in the third quarter were PHP4 billion ($71 million) and PHP4.1 billion ($73 million), representing a decline of 15 percent and 6 percent, respectively. EGM GGR was PHP5.1 billion ($91 million), higher by 20 percent year-over-year.
On a sequential basis, VIP, mass tables, and EGM GGR recorded declines of 14 percent, 18 percent, and 4 percent, respectively. Total GGR at Solaire was PHP13.3 billion ($237 million), representing a less than 1 percent decline from 3Q22.
‘While volumes across all gaming segments continued to grow from the previous year, fluctuations in the VIP and mass tables hold rate led to marginally lower total.’
