GGRAsia – Bloomberry posts US$26.7mln 3Q profit, GGR doubles y-o-y

Bloomberry posts US$26.7mln 3Q profit, GGR doubles y-o-y

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

Net income attributable to shareholders at Bloomberry Resorts Corp stood at PHP1.56 billion (US$26.7 million) in the three months to September 30, versus approximately PHP1.81 billion in the second quarter.

The firm had posted a loss amounting to PHP1.04 billion in the third quarter of 2021.

Bloomberry Resorts controls Solaire Resort and Casino (pictured) in the Metro Manila region.

Quarterly net revenue at Bloomberry Resorts remained flat sequentially, at PHP10.06 billion. Judged year-on-year, third-quarter consolidated net revenue was up 96.4 percent.

Total gross gaming revenue in the third quarter was up 88.6 percent year-on-year, to PHP13.37 billion. Sequentially, GGR was up by around 1.9 percent.

Consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) were PHP3.65 billion for the three months ended September 30, representing a 300.9-percent increase from PHP910.1 million in the same quarter last year.

“Growth across all segments was driven by strong domestic demand supported by much easier… mobility and [fewer] travel restrictions” relating to Covid-19, “both locally and within the Asian region,” said Bloomberry Resorts.

“VIP, mass table, and electronic gaming machine GGR were PHP4.7 billion, PHP4.4 billion, and PHP4.3 billion, representing year-over-year increases of 136 percent, 61 percent, and 81 percent, respectively,” the firm added.

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 a press release accompanying the third-quarter results: “Against a global economic backdrop of rising inflation and interest rates, our business saw third quarter gaming volumes further improve toward pre-pandemic levels.”

Mr Razon added: “Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95 percent of January to September 2019 values, demonstrating the resilience of local discretionary consumption. Our VIP segment experienced progressive recovery as it benefited from gradually improving international traffic.”

Net income for the first nine months of 2022 was PHP4.05 billion, versus a loss amounting to PHP2.97 billion a year earlier.

In his comments, Mr Razon said that construction of the firm’s Solaire Resort North in the Vertis development at Quezon City remained on schedule. The property is earmarked to open by the fourth quarter of 2023.

“We believe that once opened, Solaire Resort North will be able to expand and strengthen our foothold in this burgeoning domestic gaming market,” he was quoted as saying.