Bloomberry Resorts Corp., the operator of Solaire Resorts & Casino, saw its net income surge 85 percent in 2023 to P9.5 billion from P5.1 billion in 2022 on higher gaming revenues from the mass market.
Bloomberry said in a disclosure to the stock exchange Monday total gross gaming revenues (GGR) rose 16 percent to P58.3 billion.
Total GGR recovered to 97 percent of the pre-pandemic 2019 level, driven by the domestic-focused mass tables and electronic gaming machines (EGM) segments which on a combined basis reached 116 percent of pre-pandemic levels.
“I am pleased to report our financial and operating results for 2023, which reflect a resilient Philippine economy amid a challenging global economic landscape,” said Bloomberry chairman and chief executive Enrique Razon Jr.
“Driven by a strong domestic market, our annual EBITDA and net profit grew by 35 percent and 85 percent year-over-year, respectively. Our mass table games, electronic gaming machines and non-gaming segments performed remarkably as revenues in these areas breached 2019 pre-pandemic levels by a significant margin,” he said
Razon expressed hope about the company’s 2024 prospects with the opening of its second integrated resort in Quezon City. Solaire Resort North is slated to open in May.
“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,” Razon said.
All gaming segments also benefited from strong domestic demand and further improvements in international guests, it said.
Non-gaming revenues in 2023 reached P8.7 billion, representing an increase of 30 percent from P6.7 billion generated in the previous year. Non-gaming revenues also reached 107 percent of their 2019 values.
Bloomberry’s consolidated net income amounted to P1.3 billion in the fourth quarter, or 11 percent higher than P1.1 billion in the same quarter in 2022.
Fourth-quarter consolidated net revenue was P11.9 billion, up 3 percent year-on-year.