RAZON-led Bloomberry Resorts Corp. logged a 20% rise in its net income for the third quarter as net revenues increased.
In a regulatory filing on Tuesday, Bloomberry said its consolidated net income for the July-to-September period rose to P1.9 billion from P1.5 billion in the same quarter a year ago.
Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said the third quarter showed the “resilience of the Philippine gaming market.”
Consolidated net revenues in the third quarter jumped 8% to P10.9 billion, while consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 15% to P4.2 billion.
Total gross gaming revenues (GGR) at the company’s Solaire Resort Entertainment City dropped 0.5% to P13.3 billion from P13.4 billion last year, while VIP rolling chip volume, mass table drop, and electronic gaming machine (EGM) coin-in, logged P146 billion, P13.9 billion, and P91.2 billion, equivalent to year-over-year growth of 10%, 31%, and 7%, respectively.
“While volumes across all gaming segments continued to grow from the previous year, fluctuations in the VIP and mass tables hold rate led to marginally lower total GGR,” Bloomberry said. “Despite the quarter’s weaker economic climate, domestic gaming demand remained strong.”
Bloomberry added that Solaire Korea’s Jeju Sun Hotel and Casino posted P14.7 million in GGR in the third quarter, up P10 million from the previous quarter.
The company’s consolidated non-gaming revenues during the third quarter rose 23% to P2.3 billion.
“During the quarter, we saw the resilience of the Philippine gaming market as gaming volumes in our mass tables and EGM segments continued to expand on a sequential and year-over-year basis, despite the quarter’s weaker-than-anticipated economic climate,” Mr. Razon said.
“These mass-oriented gaming segments as well as our hotel, food and beverage, retail, and other segments continue to perform well above their pre-pandemic run rates and are testaments to the strength of our domestic customer base,” he added.
Bloomberry’s nine-month consolidated net income grew 106% to P8.3 billion from P4 billion a year ago.
“After removing the impact of a P356.6 million one-time gain on sale from the disposition of an asset in the second quarter, consolidated net income would have increased by 97%,” Bloomberry said.
Bloomberry said its consolidated net revenues climbed 33% to P36.5 billion while its consolidated EBITDA went up 48% to P15.4 billion.
The company’s consolidated GGR increased 26% to P44.5 billion from P35.4 billion last year.
“VIP, mass table, and EGM GGR were P15.1 billion, P14 billion, and P15.3 billion, representing year-over-year growth of 29%, 14%, and 35%, respectively. Strong domestic demand continued to prop up mass tables GGR and EGM GGR to well above nine months 2019 levels at 114% and 125%, respectively,” Bloomberry said.
Bloomberry’s consolidated non-gaming revenues in the first nine months rose 42% to P6.4 billion.
Meanwhile, Mr. Razon said that Bloomberry is looking to capitalize on its Solaire Resort North in Quezon City, which is being constructed and is set for completion by March next year.
“With the opening of our second property next year, we aim to capitalize on this domestic strength. At this time, the construction of Solaire Resort North is on schedule to be completed by March 2024,” Mr. Razon said.
“We anticipate that Solaire Resort North will strengthen our market leadership position in the Philippines and raise the regional competitiveness of the Philippine gaming industry to new heights,” he added.
Shares of Bloomberry at the local bourse improved 26 centavos or 2.79% to P9.58 apiece on Tuesday. — Revin Mikhael D. Ochave