In 2023, Bloomberry Resorts Corp reported a net income exceeding PHP 9.52 billion (US$170.0 million). This marked an impressive 85.2-percent surge from the previous year. In addition, the company disclosed in a filing on Monday that it plans to open its upcoming casino resort project in Vertis, Quezon City, this May. An artist’s depiction illustrated the project.
Moreover, the group achieved total net revenues of PHP 48.39 billion in 2023. This figure reflects a 24.3 percent increase from the prior year. At the same time, gross gaming revenues (GGR) climbed by 16.4 percent year-on-year, reaching nearly PHP 58.33 billion.
Notably, the company did not declare dividends in either 2023 or 2022.
Bloomberry’s group-wide consolidated earnings before interest, taxation, depreciation, and amortization (EBITDA) rose by 35.0 percent from the previous year. The company reached PHP 19.33 billion in EBITDA for 2023.
In addition, the company highlighted that, in 2023, consolidated GGR and non-gaming revenues accounted for 86.1 percent and 13.1 percent of aggregate gross revenues, respectively.
Bloomberry owns Solaire Resort and Casino in Metro Manila. It also operates a casino property on South Korea’s Jeju Island. However, this property remained unprofitable in 2023.
Furthermore, in a filing last week, the company expressed 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 demonstrated resilience amid a challenging global economic environment throughout 2023.
He added, “We have high expectations for 2024, especially with the imminent opening of our second integrated resort in Quezon City.” He noted that Solaire Resort North’s construction is nearly complete. The company anticipates a late-May launch this year.
Razon further emphasized that Solaire Resort North will significantly enrich the group’s gaming and entertainment portfolio. Moreover, this project will cement Bloomberry’s position as the premier integrated resort developer and operator in the Philippines.
Additionally, Morgan Stanley Asia Ltd predicted in a recent note that Bloomberry’s Quezon resort will substantially contribute to the company’s earnings starting from the latter half of this year.
Regarding its operations in the Philippines, VIP rolling chip volume surged by 28.0 percent year-on-year to PHP 616.42 billion in full-year 2023. Correspondingly, the segment revenue reached PHP 19.50 billion. This marks an 18.4 percent increase from 2022.
Furthermore, revenue in the mass-market table segment rose by 8.2 percent year-on-year, reaching PHP 18.15 billion.
Finally, slot coin-in increased by 15.9 percent year-on-year to PHP 356.71 billion in 2023. Meanwhile, revenue from slots rose by 22.3 percent to PHP 20.65 billion.
