Bloomberry Resorts Corp, operator of Manila’s Solaire Resort Entertainment City, has reported gross gaming revenues of Php13.3 billion (US$237 million), largely flat year-on-year due to “fluctuations” in win rates.
While Solaire enjoyed increases in turnover across all gaming segments – mass tables grew by 31%, VIP by 10% and EGMs by 7% – the company suffered a slight 0.5% decline in GGR due to mass and VIP seeing win rates fall significantly. As a result, mass table revenue dropped by 5.7% to Php4.13 billion (US$73.4 million) and VIP by 14.5% to Php4.03 billion (US$71.7 million). EGM revenue grew by 20.2% to Php5.14 billion (US$91.4 million).
Nevertheless, consolidated net revenue grew by 8% year-on-year to Php10.9 billion (US$194 million), including a 23% increase in consolidated non-gaming revenue to Php2.3 billion (US$40.9 million) and a 213% increase in GGR at Solaire Korea’s Jeju Sun to Php14.7 million (US$261,000).
Group-wide EBITDA grew by 15% to Php4.2 billion (US$74.7 million) and net income by 20% to Php1.9 billion (US$33.8 million).
“During the quarter, we saw the resilience of the Philippine gaming market as gaming volumes in our mass tables and EGM segments continued to expand on a sequential and year-over-year basis, despite the quarter’s weaker-than-anticipated economic climate,” said Bloomberry Chairman and CEO, Enrique K Razon Jr. These mass-oriented gaming segments as well as our hotel, F&B, retail and other segments continue to perform well above their pre-pandemic run rates and are testaments to the strength of our domestic customer base.”
“With the opening of our second property next year, we aim to capitalize on this domestic strength. At this time, the construction of Solaire Resort North is on schedule to be completed by March 2024. We anticipate that Solaire Resort North will strengthen our market leadership position in the Philippines and raise the regional competitiveness of the Philippine gaming industry to new heights.”
For the first nine months of 2023 combined, consolidated GGR grew by 26% year-on-year to Php44.5 billion (US$791 million), with EBITDA rising 48% to Php10.4 billion (US$185 million) and net income by 106% to Php8.3 billion (US$148 million).
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