Bloomberry Resorts Corp, owner and operator of Manila’s Solaire Resort Entertainment City, has reported net income of Php3.0 billion (US$54 million) for the three months to 31 March 2023, representing a 338% year-on-year increase and 163% higher than the December 2022 quarter. It was also 36% higher than 1Q19 income, with the Philippines continuing to benefit from a post-COVID surge.
According to financial details released Wednesday, Q1 gross gaming revenue at Solaire climbed 80% year-on-year and 9% sequentially to Php16.0 billion (US$287 million), again surpassing 1Q19 GGR of Php13.6 billion (US$244 million) in the process.
Bloomberry said the GGR growth was supported by strong domestic demand and an increasing participation of international patrons, with strong results across all segments. VIP GGR was up 142% year-on-year to Php6.4 billion (US$115 million) on the back of a 103% increase in rolling chip volume, while mass tables GGR grew by 27% to Php4.9 billion (US$88 million) on a 73% increase in table drop. Slot volume grew by 53% year-on-year with GGR rising 95% to Php4.8 billion (US$86 million).
Meanwhile, Solaire Korea’s Jeju Sun recorded GGR of Php1.2 million (US$21,500) in the first quarter, reversing a GGR loss of Php8.5 million (US$153,000) in the December quarter.
While Solaire Korea fell to a Php114.5 million (US$2 million) EBITDA loss in Q1, group-wide EBITDA still grew 100% year-on-year to Php5.7 billion (US$102.3 million) thanks to the strong performance of the Manila flagship.
“During the first quarter of 2023, Bloomberry delivered an outstanding set of results,” said Bloomberry Chairman and CEO, Enrique K Razon Jr.
“Solaire’s VIP, mass tables and slots segments all posted substantial gains as gaming volumes expanded. Our performance was highlighted by a 338% increase in consolidated net income to Php3.0 billion, driven by still strong domestic demand and increased participation by international patrons from around the region. In addition, 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, F&B and retail businesses.”
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