Bloomberry reports a US$26.7 million 3Q profit and GGR doubles year over year. 

In comparison to the second quarter, when Bloomberry Resorts Corp.’s net income was about PHP1.81 billion, the third quarter saw PHP1.56 billion (US$26.7 million) of net income attributable to shareholders. In the third quarter of 2021, the company reported a loss of PHP1.04 billion. In the Metro Manila area, Bloomberry Resorts is in charge of Solaire Resort and Casino Gcash top.

At PHP10.06 billion, Bloomberry Resorts’ quarterly net revenue was unchanged from the previous quarter. Consolidated net revenue for the third quarter increased 96.4 percent year over year. The third quarter’s total gross gaming revenue of PHP13.37 billion increased 88.6 percent year over year. GGR increased sequentially by about 1.9 percent. For the three months ended September 30, the company’s combined earnings before interest, taxes, depreciation, and amortization (EBITDA) were PHP3.65 billion, up 300.9 percent from PHP910.1 million during the same period last year. In relation to Covid-19, “both locally and within the Asian region,” “growth across all segments was driven by strong domestic demand supported by much easier… mobility and [fewer] travel restrictions,” according to Bloomberry Resorts.

According to the company, “VIP, mass table, and electronic gaming machine GGR were PHP4.7 billion, PHP4.4 billion, and PHP4.3 billion, respectively, representing year-over-year increases of 136 percent, 61 percent, and 81 percent. Additionally, Bloomberry Resorts manages a casino facility on the island of Jeju in South Korea. The company claims that since March 2020, gaming has been suspended at its Jeju Sun casino.

Casino revenue in the Philippines (1)

“Against a global economic backdrop of rising inflation and interest rates, our business saw third quarter gaming volumes further improve toward pre-pandemic levels,” Bloomberry Resorts chairman and chief executive Enrique Razon was quoted as saying in a press release that was released alongside the third-quarter results.

“Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95 percent of January to September 2019 values, demonstrating the resilience of local discretionary consumption,” Mr. Razon continued.

In comparison to the same period in 2021, when there was a loss of PHP2.97 billion, net income for the first nine months of 2022 was PHP4.05 billion. Mr. Razon stated in his remarks that work on the company’s Solaire Resort North in the Vertis development in Quezon City was still progressing according to schedule. By the fourth quarter of 2023, the property is expected to be operational.

He was quoted as saying, “We believe that once Solaire Resort North opens, we will be able to expand and strengthen our foothold in this growing domestic gaming market.”