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Bloomberry Resorts Corp., the owner and operator of Solaire Resort & Casino in Paranaque City, ended two straight years of losses at the height of the pandemic, after it registered a net income of P5.17 billion in 2022.
“2022 was a positive year of recovery for Bloomberry as Solaire benefited from a strong rebound in local demand across all business segments,” Bloomberry chairman and chief executive Enrique Razon Jr. said in statement to the stock exchange.
The company’s profit last year reversed the P4.22-billion net loss in 2021, as gross gaming revenues recovered to 84 percent of the 2019 pre-pandemic level and grew 81 percent year-on-year to P50.1 billion.
Gaming revenues from domestic mass tables, electronic gaming machines and Solaire’s VIP segments posted year-on-year growth of 144 percent, 48 percent and 77 percent, respectively.
The gaming firm said all business segments benefited from strong domestic demand, complemented by improved international visitation in the second half of the year.
Non-gaming revenues also surged 103 percent to P6.7 billion from P3.3 billion as hotel occupancy improved to 53.7 percent from 19.2 percent in 2021.
Bloomberry posted net income of P1.1 billion in the fourth quarter, a turnaround from a net loss of P1.3 billion in the same quarter in 2021.
Gross gaming revenues at Solaire in the fourth quarter surged 84 percent to P14.7 billion, while non-gaming revenues jumped 123 percent to P2.2 billion.
Solaire Korea’s Jeju Sun reopened with limited gaming capacity in October. It posted gaming revenue loss of P8.5 million, while non-gaming revenue increased to P48.7 million from P1.8 million.
Bloomberry said the company was focused on the construction of its second casino-hotel facility in Quezon City. Solaire Resort North is expected to open in the first quarter of 2024.
“These developments are encouraging as we mark Solaire’s 10th year of operations this March. We look forward to delivering even better results in 2023 and to reaching more milestones in the years to come,” Razon said.
