Bloomberry Resorts Corp. grew its profit last year by 85 percent to P9.5 billion from P5.1 billion the prior year.
Revenues hit P48.4 billion, up 24 percent from P38.9 billion the previous year, with gross gaming revenue (GGR) at the company’s Solaire Resort Entertainment City at P58.3 billion, 16 percent higher than the P50.1 billion in 2022.
The company’s Jeju Sun Hotel & Casino (Jeju Sun) in Korea posted a GGR of P31 million, reversing the prior year’s loss of P8.5 million covering the October 3 to Dec. 31, 2022 operation.
“Total GGR has recovered to 97 percent of the 2019 level, driven by the domestic-focused mass tables and Electronic Gaming Machines (EGM) segments which on a combined basis have reached 116 percent of pre-pandemic levels,” Bloomberry said.
In Solaire, VIP rolling chip volume, mass table drop, and slot coin-in were at P616.4 billion, P51.2 billion, and P356.7 billion, respectively, up 28 percent, 35 percent, and 16 percent, respectively.
“All segments benefited from strong domestic demand and further improvements in international visitation,” it said.
VIP, mass table, and EGM GGR meanwhile were at P19.5 billion, P18.2 billion, and P20.6 billion, up 18 percent, 8 percent, and 22 percent, respectively.
Non-gaming revenues at the same time hit P8.7 billion, up 30 percent from P6.7 billion the prior year.
Non-gaming revenues have hit 107 percent of their 2019 values, Bloomberry said.
At Solaire, non-gaming revenue was at P8.3 billion, up 25 percent. Hotel occupancy was 79.8 percent, compared to 53.7 percent in 2022.
In Korea, non-gaming revenue hit P357.3 million, up from P48.7 million.
Expenses hit P29 billion, up 18 percent from P24.6 billion last year.
Earnings before interest tax depreciation and amortization reached P19.3 billion, higher by 35 percent compared to P14.3 billion in 2022.
“We have high hopes for 2024, especially as we open our second integrated resort in the thriving metropolis of Quezon City. The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year. Solaire Resort North will massively enhance our luxury gaming and entertainment portfolio and solidify our standing as the leading integrated resort developer and operator in the Philippines,” said Enrique Razon Jr., Bloomberry chairman.