Bloomberry Resorts Corporation, a gaming, entertainment, tourism and hotel holding company based in Phillipines, has publicly announced a net profit of Php1.1 billion, which is approximately 20.0 million US dollars, in the three months until December 31, 2022, overturning a Php1.3 billion, which is approximately 23.6 million US dollars, loss in the year-earlier period, thanks to an 84% rise in gaming income at its leading Solaire resort in Manila.
However, Q3 profits are said to have fallen to Php1.5 billion, which is approximately 27.3 million US dollars.
Strong local demand:
Gross gaming revenue (GGR) at Solaire increased to Php14.7 billion, which is approximately $267 million US dollars, in 4Q22, where VIP gaming reservations grew by 184% to Php4.7 billion, which is approximately 85.5 million US dollars, mass tables grew by 37% to Php4.4 billion, which is approximately 80.0 million US dollars and EGMs grew by 81% to Php5.6 billion, which is approximately 102 million US dollars.
Furthermore, Bloomberry’s consolidated EBITDA for the December quarter was Php3.9 billion, which is approximately 70.9 million US dollars, which is 113% higher compared to the Php1.9 billion, which is approximately 34.6 million US dollars, reported in 4Q21.
Throughout the year, Solaire Manilla reported an 81% increase in GGR to Php50.1 billion, which is approximately 911 million US dollars, in 2022, reaching 84% of the 2019 levels mainly due to the local mass table games and EGM segments.
Rolling chip volume increased by 96% annually to Php481.7 billion, which is approximately 8.74 billion US dollars, with a GGR of 16.5 billion, which is approximately 299 million US dollars, while the massive decline grew by 54% to Php38.0 billion (US$690 million) for a GGR of Php16.8 billion (US$305 million) and EGM coin-in by 91% to Php307.9 billion (US$5.59 billion) for a GGR of Php16.9 billion (US$307 million).
The main reason for the higher gross gaming revenue was strong local demand, which was complemented by improved tourist visits in the second half of the year, according to Bloomberry officials.
In this regard, Enrique K Razon Jr., president of Bloomberry, said: “2022 was a positive year of recovery for Bloomberry as Solaire benefited from a strong rebound in local demand across all business segments.
“Our gaming revenues hit 84% of pre-pandemic levels, propelled by the domestic-focused mass table games and EGM segments where revenues have already reached 100% of 2019 pre-pandemic levels. Last year we firmly returned to profitability as net income reached Php5.1 billion, a turnaround from losses recorded in the year prior.
“While we celebrate our success in 2022, we keep our eyes on the future as we ramp-up construction activity at Solaire Resort North in Quezon City. We are excited to launch this new offering by 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.”
The other side of the coin:
However, while Bloomberry generally saw an increase in gross gaming revenue, that was not the case for Solaire Korea, which is the company’s greatly smaller casino on South Korea’s Jeju Island.
The casino reported a loss of Php4.7 billion, which is approximately 155.000 US dollars, from its reopening date of October 3, 2022, to the end of the previous year.