GGRAsia – Bloomberry posts US$54mln profit in 1Q, GGR up 80pct y-o-y

Bloomberry posts US$54mln profit in 1Q, GGR up 80pct y-o-y

May 11, 2023 Newsdesk Latest News, Philippines, Top of the deck

Philippines-listed Bloomberry Resorts Corp reported net income attributable to shareholders of just above PHP2.98 billion (US$53.6 million) for the first three months of 2023, up 334.7 percent from a year earlier. Group-wide consolidated revenues rose 78.5 percent year-on-year, to PHP12.83 billion, the firm said in a Wednesday filing.

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

Total gross gaming revenue (GGR) at Solaire was PHP16.04 billion, representing an increase of 79.7 percent from the first quarter 2022. Total GGR surpassed the PHP13.6 billion achieved in the first quarter of 2019, the last trading year before the onset of the Covid-19 pandemic in early 2020.

GGR growth at Solaire “continued to be supported by strong domestic demand and an increasing participation of international patrons,” stated Bloomberry in its filing.

Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were PHP168.23 billion, PHP12.08 billion, and PHP83.96 billion, representing year-on-year growth of 102.6 percent, 72.6 percent, and 52.8 percent, respectively.

“[GGR] growth in all segments was driven by higher gaming volumes played, while the VIP and slots segments also benefited from higher win rates,” noted the firm.

Group-wide consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at PHP5.73 billion in the three months to March 31, double from the PHP2.86 billion generated in the prior-year period.

Bloomberry also operates a casino property in South Korea’s Jeju island. According to the filing, that operation remained loss-making in the first quarter of 2023.

Enrique Razon, Bloomberry’s chairman and chief executive, was cited as saying in a press release accompanying the results that the company’s “outstanding” performance in the opening quarter of 2023 “was highlighted by a 338 percent increase in consolidated net income”.

He added: “Consolidated revenues, EBITDA, and net income have all breached their first quarter 2019 pre-pandemic levels.”

“We remain optimistic about continued growth as the recovery of international travel progresses and further augments domestic spending in our VIP and mass gaming segments, as well as in our hotel, food and beverage, and retail businesses,” stated Mr Razon.

Bloomberry is also developing a casino resort project in Vertis, at Quezon City, expected to open early next year.

In April, Mr Razon said the group would “very soon, be able to determine a hard date” for opening the Solaire North casino project. “But we still expect as of today for that opening to be within the first quarter of 2024,” he said at the time.