A leading Philippine casino operator, Bloomberry Resorts, recently unveiled impressive financial results for the third quarter. The company’s gross gaming revenue (GGR) reached a remarkable 13.4 billion Philippine pesos, equivalent to approximately $230 million US – a substantial 89% surge compared to the corresponding period last year.
For context, Bloomberry owns and manages Solaire Resort & Casino in the Philippines and Jeju Sun Hotel & Casino in South Korea.
Solaire emerged as the star performer this quarter. Notably, VIP table game turnover reached 132.8 billion Philippine pesos, mass market tables generated 10.6 billion Philippine pesos, and slot machines contributed 85.1 billion Philippine pesos. These figures represent year-over-year increases of 23%, 77%, and 118%, respectively.
Bloomberry attributes this growth to the relaxation of COVID-19 restrictions domestically and throughout Asia. The company observed robust domestic demand as people resumed travel and leisure activities.
Examining the revenue composition, VIP gaming accounted for 4.7 billion Philippine pesos, mass market tables contributed 4.4 billion Philippine pesos, and electronic gaming machines generated 4.3 billion Philippine pesos. These segments experienced respective increases of 136%, 61%, and 81% compared to the same period last year.
The positive momentum extended beyond revenue. Consolidated EBITDA experienced a remarkable 301% increase to 3.6 billion Philippine pesos, while net income reached 1.5 billion Philippine pesos. This contrasts sharply with the 11 billion Philippine peso net loss recorded in the same period last year, highlighting a significant turnaround.
Enrique K. Razon Jr., Bloomberry’s chairman and CEO, aptly summarized the results: “Despite global economic headwinds, inflationary pressures, and rising interest rates, our company’s third-quarter 2022 performance demonstrates a gaming industry on a strong recovery trajectory, approaching pre-pandemic levels.”
In recent months, we’ve observed a consistent uptick in our core market – the daily Filipino consumer. This surge has significantly propelled our revenue for the initial three quarters to exceed 95% of our 2019 figures. It truly highlights the resilience of domestic expenditure, despite prevailing circumstances. Moreover, with the resurgence of global travel, we’re witnessing a positive recovery in our high-roller segment as well.”
Razon Jr. continued, “As we maintain our emphasis on Solaire’s resurgence within Entertainment City, we’re simultaneously progressing rapidly with our second integrated resort in Manila – Solaire Resort North.
“The main structure reached its pinnacle in July of the previous year, and if everything proceeds smoothly, we anticipate a grand unveiling in the final quarter of the coming year. We are optimistic that Solaire Resort North will enable us to capture a larger portion of the flourishing local gaming sector and solidify our standing as a frontrunner.”