Bloomberry Resorts Corp. said profit last year fell 72.63 percent to P2.6 billion from P9.5 billion in 2023, attributed to higher depreciation and interest expense associated with its Solaire Resort North project.
Revenues grew 10 percent to P53.1 billion last year from P48.4 billion the previous year.
Bloomberry in a statement said it registered a gross gaming revenue (GGR) of P61.7 billion for the period, up 6 percent from P58.3 billion in 2023.
“The increase was mainly due to GGR contributed by Solaire Resort North, which recorded 221 days of operations for the year,” it said.
Solaire Resort North formally opened in May last year.
GGR at Bloomberry’s flagship Solaire Resort Entertainment City was down 9 percent at P53.2 billion last year from P58.3 billion the prior year.
Solaire Resort North posted a GGR of P8.4 billion.
Earnings before interest tax depreciation and amortization (EBITDA) was at P16.6 billion, down 14 percent from P19.3 billion in 2023, attributed mostly to lower EBITDA generated by SEC and pre-operating expenses associated with Solaire Resort North.
“In 2024 we reported topline growth despite a challenging operating environment in Metro Manila. 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 percent, significantly outperforming the VIP segment and pushing consolidated GGR growth to 6 percent. 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,” said Enrique Razon Jr., Bloomberry chairman.
“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,” he added.
