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Earnings of casino operator Bloomberry Resorts Corp. declined 11 percent in the first quarter of 2024 on lower revenues and pre-operating expenses related to the opening of its second hotel-casino property in Quezon City.
Bloomberry’s first-quarter net income dropped to P2.6 billion from P3 billion in the same period last year, the company said in a disclosure to the stock exchange Tuesday.
Excluding the impact of P279.5 million in pre-operating expenses associated with Solaire Resort North, net income would have been P2.9 billion, declining 3 percent year-on-year.
“In the first quarter of 2024, Solaire in Entertainment City reported lower VIP and mass table game revenues that resulted in an 11-percent decline in consolidated net income,” said Bloomberry chairman and chief executive Enrique Razon Jr.
Total gross gaming revenues (GGR) of Solaire Resort & Casino dropped 8 percent to P14.8 billion, representing an 8-percent decline from P16 billion in the first quarter of 2023.
GGR was negatively impacted by lower VIP rolling chip and mass table drop volumes, which was partly offset by strong growth in gaming revenues from electronic gaming machines (EGM).
VIP and mass tables GGR in the first quarter amounted to P4.3 billion and P4.6 billion, representing year-on-year declines of 33 percent and six percent, respectively.
EGM GGR reached P5.9 billion, up 24 percent year-on- year.
“We had a strong showing in the heavily domestic slot machines segment where revenue grew by 24 percent year-over-year. This strong local demand heightens anticipation for our second property which will open on May 25. By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share,” Razon said.
Non-gaming revenues of Solaire reached P2.1 billion in the first quarter, higher by 2 percent than a year ago as hotel occupancy climbed to 77.4 percent from 76.9 percent in the first quarter of 2023.
Solaire North is a $1-billion hotel and casino located in a 1.5-hectare property in Quezon City. It offers 526 hotel rooms, 2,669 electronic gaming machines and 163 tables across four casino levels.
