Bloomberry Resorts Corporation, the gaming business of billionaire Enrique K. Razon Jr., reported that its consolidated net income surged 85 percent to P9.5 billion last year from the P5.1 billion earned in 2022, driven by strong domestic market.
The owner and operator Solaire Resort Entertainment City and Jeju Sun Hotel & Casino said the higher profitability was achieved as consolidated net revenue grew 24 percent to P48.4 billion in 2023 from P38.9 billion in the previous year.
“I am pleased to report our financial and operating results for 2023, which reflect a resilient Philippine economy amid a challenging global economic landscape,” said Razon who is chairman and CEO of Bloomberry.
He added that “driven by a strong domestic market, our annual EBITDA (earnings before interest, taxes, depreciation, and amortization) and net profit grew by 35 percent and 85 percent year-over-year, respectively.”
“Our mass table games, electronic gaming machines and non-gaming segments performed remarkably as revenues in these areas breached 2019 pre-pandemic levels by a significant margin,” he also said.
For 2024, Razon conveyed their high hopes especially with the opening soon of its second integrated resort in the thriving metropolis of Quezon City. “The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year,” he said.
Solaire Resort North will massively enhance its luxury gaming and entertainment portfolio and solidify its standing as the leading integrated resort developer and operator in the Philippines.
Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were P616.4 billion, P51.2 billion, and P356.7 billion, representing year-over-year increases of 28 percent, 35 percent, and 16 percent, respectively.
All segments benefited from strong domestic demand and further improvements in international visitation.
VIP, mass table, and EGM GGR (gross gaming revenue) were P19.5 billion, P18.2 billion, and P20.6 billion, representing year-over-year growth of 18 percent, eight percent, and 22 percent, respectively.
In 2023, total GGR at Solaire was P58.3 billion, representing an increase of 16 percent from P50.1 billion in 2022.
Total GGR has recovered to 97 percent of the 2019 level, propelled mainly by the largely domestic mass table games and EGM segments which on a combined basis have increased to 116 percent of the 2019 level.
Solaire Korea’s Jeju Sun recorded gross gaming revenue of P31.0 million for the year. Gaming revenue in 2023 was a reversal from a loss of P8.5 million covering the Oct. 3 to Dec. 31, 2022 period.
Consolidated contra revenue accounts for 2023 were well contained and increased by only one percent to P14.4 billion. This represents 25 percent of consolidated GGR compared to 28 percent in 2022.
Consolidated net gaming revenue for the year reached P39.7 billion, representing an increase of 23 percent from P32.2 billion in 2022. In the fourth quarter, consolidated net gaming revenue was P9.6 billion, higher by two percent compared to the same period in the previous year.
Bloomberry reported consolidated non-gaming revenues of P8.7 billion for 2023, representing an increase of 30 percent from the P6.7 billion generated in the previous year. Non-gaming revenues have hit 107 percent of their 2019 values.
At Solaire, non-gaming revenue for the year was P8.3 billion, representing an increase of 25 percent from 2022. Hotel occupancy in 2023 was 79.8 percent, compared to 53.7 percent in 2022.
At Solaire Korea, non-gaming revenue in 2023 increased to P357.3 million from P48.7 million in 2022.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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