Philippine casino operator Bloomberry Resorts Corp reported consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) of PHP1.9 billion (US$36.4 million) for the fourth quarter of 2021, versus PHP129.3 million a year earlier. The EBITDA figure more than doubled from the preceding quarter, according to a Monday filing.
The firm operates the Solaire Resort and Casino venue (pictured in a file photo) at Entertainment City, Manila, in the Philippine capital. It is also developing another resort – known as Solaire North – at Quezon City on the outskirts of the Metro Manila area. The latter project is scheduled to open in the second half of 2023, according to Bloomberry’s annual report.
In addition, the firm has an operation in South Korea, which remains suspended because of the Covid-19 pandemic.
The company said aggregate gross gaming revenue (GGR) at Solaire was PHP8.0 billion in the three months to December 31, an increase of 50 percent from the prior-year period. It was also up from the PHP7.1-billion GGR in the third quarter.
The company said its fourth-quarter performance improved as “domestic patron confidence continues to improve due to the sustained de-escalation of quarantine classification.”
The improvement in GGR performance in the final quarter of 2021 coincided with an easing of capacity restrictions in November for the country’s casino sector, including at Entertainment City.
Bloomberry reported consolidated net revenue of PHP22.0 billion for full-year 2021, up 23.8 percent from the previous year. Consolidated EBITDA rose by 264.6 percent year-on-year, to PHP5.2 billion in 2021.
The company posted a net loss of PHP4.2 billion for the year, an improvement compared to a loss of PHP8.3 billion in 2020.
Aggregate GGR at Solaire in 2021 was PHP27.6 billion, 21.7 percent higher compared to 2020.
GGR from mass-market tables and electronic gaming machines were PHP11.3 billion and PHP9.5 billion, representing year-on-year increases of 54.4 percent and 31.9 percent, respectively. But VIP revenue declined by 16.1 percent year-on-year, to PHP6.7 billion.
“The year 2021 demonstrated the resilience of our business amidst a pandemic characterised by a slowly recovering economy and the absence of tourism,” said Enrique Razon, Bloomberry’s chairman and chief executive, as quoted in the earnings release.
“Compared to 2020, it was a better year for Bloomberry as it was propped up by the domestic patronage which grew our mass gaming revenues by 43 percent and EBITDA by 265 percent,” he added. “While we look forward to better days ahead, we remain equipped to operate under challenging circumstances if they materialise.”
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