Bloomberry Resorts Corp. said profit for the first nine months of the year grew 106 percent to P8.3 billion from P4 billion the prior year.
Revenue grew 33 percent to P36.5 billion from P27.3 billion.
The operator of Solaire Resort and Casino in the Philippines and Jeju Sun Hotel and Casino in Korea said that it generated a gross gaming revenue (GGR) of P44.5 billion, up 26 percent from P35.4 billion last year.
“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.
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,” said Enrique Razon Jr., Bloomberry chairman.
“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,” he added.
Earnings before interest depreciation and amortization (EBITDA) hit P15.4 billion, up 48 percent from P10.4 billion last year.
For the third quarter alone, profit hit P1.9 billion, up 20 percent from P1.5 billion.
Revenue hit P10.9 billion, up 8 percent.
EBITDA was at P4.2 billion, up 15 percent from P3.6 billion last year.
Bloomberry said that GGR for the period was at P13.3 billion, down 0.5 percent from P13.4 billion in 2022.