Bloomberry Resorts Corp, owner and operator of Manila’s Solaire Resort & Casino, saw its gross gaming revenues climb 131% year-on-year and 47% sequentially to Php13.1 billion (US$235 million) in the three months to 30 June 2022 as Philippines casinos continue their recovery from the COVID-19 pandemic.
With operations now back to full capacity, consolidated EBITDA climbed by 277% compared with the same quarter in 2021 to Php3.9 billion (US$70 million) – also 35% higher than 1Q22. Net profit of Php1.8 billion (US$32 million) reversed a Php1.2 billion (US$22 million) net loss recorded a year earlier and was 164% higher than Q1.
“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations,” said Bloomberry Chairman and CEO, Enrique K. Razon Jr.
“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.
“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. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security.”
With Bloomberry’s Korean casino, Jeju Sun, still closed, all gaming revenue was generated through Solaire where all gaming segments booked strong gains.
VIP revenue soared by 281% year-on-year to Php4.41 billion (US$79 million) and mass tables revenue by 44.7% to Php4.11 billion (US$74 million), while slot revenue grew 175% to Php4.60 billion (US$83 million).
Driven by higher gaming volumes, Bloomberry noted that slot coin-in has “significantly surpassed levels seen before the pandemic.”
On a sequential basis, VIP, mass tables, and EGM GGR recorded increases of 67%, 7%, and 89% respectively.
At Solaire, non-gaming revenue grew 163% year-on-year to Php1.7 billion (US$31 million) while Jeju Sun recorded non-gaming revenue of Php1.2 million (US$22,000) – up 6% on the same period in 2021.
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