
In 2023, Bloomberry Resorts Corp, listed in the Philippines, announced a net income exceeding PHP9.52 billion (US$170.0 million), marking an 85.2-percent surge from the previous year. The company disclosed in a filing on Monday that its upcoming casino resort project in Vertis, Quezon City, illustrated in an artist’s depiction, is set to open this May.
Total net revenues for the group in 2023 reached PHP48.39 billion, indicating a 24.3 percent rise from the prior year, with gross gaming revenues (GGR) climbing by 16.4 percent year-on-year to nearly PHP58.33 billion.
No dividends were declared in either 2023 or 2022.
Group-wide consolidated earnings before interest, taxation, depreciation, and amortization (EBITDA) reached PHP19.33 billion in 2023, up by 35.0 percent from the previous year.
The company noted that in 2023, consolidated GGR and non-gaming revenues represented 86.1 percent and 13.1 percent of aggregate gross revenues, respectively.
Bloomberry is the owner of Solaire Resort and Casino in Metro Manila, and it also operates a casino property in South Korea’s Jeju island, which remained unprofitable in 2023.
In a filing last week, the company expressed its openness to potentially selling its Jeju Sun Hotel & Casino in South Korea.
Enrique Razon, Bloomberry’s chairman and chief executive, remarked in a press release accompanying the results that the company’s performance for 2023 demonstrated resilience amid a challenging global economic environment.
Razon stated, “We have high expectations for 2024, especially with the imminent opening of our second integrated resort in Quezon City. Solaire Resort North’s construction is nearly finished, and we anticipate a late-May launch this year.”
He emphasized that Solaire Resort North will significantly enrich the group’s gaming and entertainment portfolio, cementing its position as the premier integrated resort developer and operator in the Philippines.
Morgan Stanley Asia Ltd predicted in a recent note that Bloomberry’s Quezon resort is anticipated to substantially contribute to the company’s earnings starting from the latter half of this year.
In terms of its Philippines operation, VIP rolling chip volume surged by 28.0 percent year-on-year to PHP616.42 billion in full-year 2023, with segment revenue reaching PHP19.50 billion, up 18.4 percent from 2022.
Revenue in the mass-market table segment rose by 8.2 percent year-on-year to PHP18.15 billion.
Slot coin-in increased by 15.9 percent year-on-year to PHP356.71 billion in 2023, with revenue rising by 22.3 percent to PHP20.65 billion.