Bloomberry Resorts Corp reported a consolidated net income of nearly PHP2.6 billion for the first quarter of 2024. This figure reflects a 13.3 percent year-on-year drop. However, the company doubled its net income compared to the previous quarter, increasing from PHP1.3 billion in Q4 2023.
The company’s consolidated net revenue reached PHP12.5 billion, marking a 3.0 percent year-on-year decline. Yet, Bloomberry managed to post a 5.0 percent increase from the fourth quarter of last year, according to its Tuesday filing.
Bloomberry operates both the Solaire Resort and Casino in Manila’s Entertainment City and the Jeju Sun Hotel & Casino in South Korea. Additionally, the company confirmed that it will open its new Quezon City property, Solaire Resort North, on May 25.
During Q1, the group’s consolidated EBITDA reached PHP4.9 billion. This amount represents a 14.0 percent year-on-year decrease. Still, Bloomberry achieved a 25.6 percent increase quarter-on-quarter. Without the PHP279.5 million in pre-operating expenses for Solaire North, the company would have reported an EBITDA of PHP5.2 billion and a net income of PHP2.9 billion. These numbers are only 10 percent and 3 percent lower, respectively, than last year.
In terms of gaming performance, Solaire’s VIP rolling chip volume dropped 36.4 percent year-on-year to PHP106.9 billion. Meanwhile, the mass table drop declined 7.9 percent to PHP11.1 billion. In contrast, electronic gaming machines experienced a 16.6 percent increase in coin-in, reaching PHP97.9 billion.
Sequentially, VIP chip volume and mass table drop also slipped by 18.0 percent and 7.0 percent, respectively. Nevertheless, slot coin-in climbed by 7.0 percent. Overall, Solaire’s gross gaming revenue hit nearly PHP14.8 billion. This was down 8.1 percent year-on-year but up 6.9 percent from Q4 2023.
Chairman and CEO Enrique Razon explained that weaker VIP and table game performance dragged down consolidated net income by 11 percent. Even so, he emphasized the company’s strong showing in the domestic slots segment, which posted a 24 percent year-on-year revenue increase.
“This robust local demand heightens our anticipation for Solaire Resort North, which opens May 25,” Razon said. “By doubling our slot capacity and expanding mass table offerings, the new resort will strengthen our market position.”
Bloomberry described the US$1-billion Solaire Resort North as a 1.5-hectare development with 526 guest rooms, 2,669 slot machines, and 163 gaming tables. These are spread across four casino floors. Razon expects the resort to reach full operational capacity by 2026.
According to Maybank Securities Inc., Solaire Resort North could contribute 9 percent of Bloomberry’s gross gaming revenue in 2024. The contribution could increase to 14 percent by 2025 as it ramps up operations.
Outside the Q1 reporting period, Bloomberry also finalized a US$300 million share buyback deal with Global Gaming Asset Management LLC (GGAM) on April 30. This settlement officially ended a long-standing dispute between the two parties.
