Bloomberry Resorts Corp reported a 6% year-on-year increase in gross gaming revenues (GGR) to Php61.7 billion (US$1.08 billion) in 2024, boosted by the opening of its second Solaire-branded integrated resort, Solaire Resort North, in May.
However, gaming performance at Solaire Resort Entertainment City showed significant declines as it felt the effects of a more subdued Philippine gaming market.
According to information filed Thursday, Solaire Resort Entertainment City saw GGR fall by 9% year-on-year to Php53.2 billion (US$930 million) – despite the property enjoying favorable hold. VIP GGR was down 22% to Php19.5 billion (US$341 million) on a 29% decline in VIP rolling chip volume, while mass GGR fell 3% to Php18.2 billion (US$318 million) on a 20% decline in mass table drop. EGM GGR fell by 1% year-on-year to Php20.4 billion (US$357 million).
Property EBITDA was down 17% compared with 2023 to Php17.2 billion (US$301 million).
In Quezon City, Solaire Resort North operated for 221 days last year, generating GGR of Php8.4 billion (US$147 million) and EBITDA of Php1.3 billion (US$22.7 million). The results were almost exclusively from mass gaming, with mass table GGR at Php3.7 billion (US$64.7 million) and EGM GGR at Php4.5 billion (US$78.7 million), while VIP GGR was just Php253.3 million (US$4.4 million).
The addition of Solaire Resort North saw 4Q24 group-wide GGR climb by 17% year-on-year to Php16.2 billion (US$283 million) and consolidated EBITDA by 1% to Php4.0 billion (US$69.9 million), although the company reported a Php920 million (US$16.1 million) net loss for the quarter. Solaire Resort Entertainment City saw GGR fall by 9% year-on-year in Q4, with hotel occupancy having declined from 80.3% a year earlier to just 67.6%. Hotel occupancy at Solaire Resort North reached 56.4% in the December quarter.
“In 2024 we reported topline growth despite a challenging operating environment in Metro Manila,” said Bloomberry’s Chairman and CEO, Enrique Razon Jr.
“The newly opened Solaire Resort North contributed to our GGR strength as it vastly expanded our presence in the mass market segment. Our consolidated mass gaming revenue increased by 19%, significantly outperforming the VIP segment and pushing consolidated GGR growth to 6%. However, our EBITDA and profit for the year were lower as we recognized pre-operating, depreciation and interest expenses for Solaire North while Solaire in Entertainment City grappled with VIP and premium mass market weakness.
“Solaire North continues to gain traction in daily foot traffic and revenue. We believe that our second property’s exceptional world-class offerings are well-suited for the demand environment in the northern portions of the Greater Manila Area and gives us a distinct advantage over the competition within the integrated resort space.”
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