Solaire Resort & Casino

Riding a robust topline post COVID19 pandemic, Solaire’s Bloomberry Resorts reported a consolidated net profit in tune of P1.81 billion ($33 million) in the second quarter of 2022.

Total Gross Gaming Revenues (GGR) at Solaire was P13.1 billion ($237 million), representing an increase of 131 percent from P5.7 billion ($102 million) in the second quarter of 2021.

Total Gross Gaming Revenues (GGR) at Solaire was P13.1 billion ($237 million), representing an increase of 131 percent from P5.7 billion ($102 million) in the second quarter of 2021.

“Easy COVID-19 restrictions throughout the quarter furthered the recovery of gaming revenues.  GGR at Solaire improved by 47% compared to the first quarter of 2022,” the press release read.

The company had reported loss of P1.2 billion ($21 million) in the same quarter prior year.

Solaire breakdown

Solaire Resort and Casino’s revenue pie constitutes mainly of VIP Tables, Mass Tables and Slots contributing revenue in ratio of 34 percent, 31 percent, and 35 percent, respectively.

For the second quarter, on a year-on-year basis, the VIP Tables revenue almost grew 3 folds at P4 billion ($80 million) from 1 billion ($21 million).

Whereas Slots segment revenues almost doubled to P5 billion ($83 million) from P2 billion ($30 million) on a year-on-year basis.

The mass tables segment also registered 45 percent growth at P4 billion ($74 million) from P3 billion ($51 million)       

In the second quarter of 2022, Metro Manila remained under the lowest alert level— GCQ Alert Level 1. 

While, Solaire Korea’s Jeju Sun reported nil gaming revenue in the second quarter as operations at the property have been suspended since March 21, 2020.

“Throughout the reporting period, Solaire’s gaming segments operated at capacities consistent with guidelines set forth by PAGCOR and IATF,” the release read.

This also benefitted the F&B segment of Solaire.

During the quarter, Solaire’s hotel, F&B, and retail segments operated at capacities allowed by the IATF. 

The Company reported consolidated non-gaming revenue of P1.7 billion ($31 million) for the quarter, representing an increase of 163 percent from the P657 million ($12 million) generated in the same quarter last year.

“Hotel occupancy was 53.4 percent, compared to 24.1 percent in the previous quarter and 14.9 percent in the second quarter of 2021,” the release read.

Strong Second Quarter

Enrique K. Razon Jr., Bloomberry Chairman and CEO, said, “Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income.”  

The Company’s second quarter consolidated EBITDA was P3.9 billion ($70 million), representing an increase of 277 percent from P1.0 billion ($ 18 million) in the same quarter last year.

“Solaire contributed P4.0 billion to consolidated EBITDA, which was off-set by the P94.6 million LBITDA recorded at Solaire Korea,” the release read.