GGRAsia – Bloomberry 2Q net income more than doubles q-o-q

Bloomberry 2Q net income more than doubles q-o-q

Aug 08, 2022 Newsdesk Latest News, Philippines, Top of the deck

Net income attributable to shareholders at Bloomberry Resorts Corp rose 162.9 percent sequentially, to PHP1.81 billion (US$32.5 million), in the three months to June 30, versus approximately PHP686.7 million in the first quarter.

The firm had posted a loss amounting to PHP1.16 billion in the second quarter of 2021.

Bloomberry Resorts controls Solaire Resort and Casino (pictured) in the Metro Manila region, a part of the country that had been periodically subject to business restrictions in the first quarter, as a Covid-19 countermeasure. During the second quarter, the Manila region “remained under the lowest alert level” for Covid-19, said the firm in a press release accompanying the second-quarter results filed to the Philippine Stock Exchange on Monday.

Quarterly net revenue at Bloomberry Resorts rose 39.3 percent sequentially, to PHP10.04 billion, in the three months to June 30, versus approximately PHP7.20 billion in the first quarter.

Judged year-on-year, second-quarter consolidated net revenue was up 112.3 percent.

Total gross gaming revenue in the second quarter was up 131.2 percent year-on-year, to PHP13.12 billion. Sequentially, GGR was up by around 46.9 percent.

Solaire casino’s GGR from its VIP segment was PHP4.41 billion in the second quarter, a 281.0-percent year-on-year increase. Mass table GGR went up by 44.7 percent, to PHP4.11 billion; electronic game machines generated GGR of PHP4.60 billion, a jump of 174.6 percent compared to the prior-year period.

“Year-over-year growth across all segments was driven by higher gaming volumes,” said Bloomberry Resorts. “Slot coin-in in particular has significantly surpassed levels seen before the pandemic,” the firm added.

On a sequential basis, VIP, mass tables, and electronic game machine GGR at Solaire recorded increases of 67.0 percent, 6.8 percent, and 88.5 percent respectively.

Quarterly consolidated EBITDA was up 277.0 percent year-on-year in the second quarter of 2022, to PHP3.86 billion. Bloomberry Resorts had reported consolidated EBITDA of PHP2.86 billion for the first quarter.

Bloomberry Resorts also operates a casino property in South Korea’s Jeju island. According to the company, gaming operations at its Jeju Sun casino have been suspended since March 2020.

Enrique Razon, Bloomberry Resorts chairman and chief executive, was cited as saying in the press release accompanying the second-quarter results : “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.”

Mr Razon added: “Absent the emergence of new Covid-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months.”

First-half net income was PHP2.49 billion, versus a loss amounting to PHP1.93 billion a year earlier.

Consolidated GGR was up 75.5 percent year-on-year, to PHP22.04 billion. First-half EBITDA jumped by 174.0 percent year-on-year in the first half of 2022, to PHP6.72 billion. Bloomberry Resorts had reported consolidated EBITDA of PHP2.45 billion for the first six months of 2021.

Bloomberry Resorts stated that its consolidated cash and cash equivalents balance as of June 30 stood at PHP36.78 billion, as cash generated from operations increased. The firm also stated that the remaining PHP13.5 billion available under a the PHP20.0-billion facility “was drawn during the quarter”.