Bloomberry Resorts Corporation reported gross gaming revenues of Php14.8 billion (US$256 million) in the three months to 31 March 2024, down 8.1% year-on-year due to a decline in GGR in the VIP and mass table games segments at its Manila IR, Solaire Resort Entertainment City.
Releasing its Q1 results on Tuesday morning, Bloomberry revealed a 33.3% decline in VIP table revenues to Php4.27 billion (US$73.8 million), while mass tables fell 6.3% to Php4.58 billion (US$79.2 million).
However, slot machine GGR grew by 24.0% year-on-year to Php5.90 billion (US$102 million), with the company citing strong domestic demand which it said bodes well for the impending launch of its second IR, Solaire Resort North, in Quezon City this month.
In prepared comments, Bloomberry Chairman and CEO Enrique K Razon Jr said, “In the first quarter of 2024, Solaire in Entertainment City reported lower VIP and mass table game revenues that resulted in an 11% decline in consolidated net income (to Php2.6 billion or US$45 million). If net income were adjusted for Php279 million (US$4.8 million) of Solaire Resort North pre-operating expenses, net income would have declined by only 3%.
“We had a strong showing in the heavily domestic slot machines segment where revenue grew by 24% year-over-year. This strong local demand heightens our anticipation for our second property which will open on May 25. By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share.”
Bloomberry’s consolidated net revenue in 1Q24 was Php12.5 billion (US$216 million), down 3% year-on-year but 5% higher than the December 2023 quarter.
This included Php2.2 billion (US$38 million) in non-gaming revenue, up 4% year-on-year, while the company’s Korean casino Jeju Sun saw GGR increase from Php1.2 million (US$20,700) in 4Q23 to Php15.6 million (US$269,580).
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