Solaire Operator Bloomberry Sees Profit Soar To ₱9.5-B, Nears Pre-Pandemic Earnings

By The Financial District
Mar 5, 2024
2 min read

Bloomberry Resorts Corp., the operator of Solaire Resort Entertainment City along Manila Bay, reported a profit of PHP9.5 billion for the year 2023, nearing its pre-pandemic earnings of PHP9.9 billion.

Bloomberry's strong game rode on the back of the remarkable performance of mass table games, electronic gaming machines, and non-gaming segments, which exceeded pre-pandemic levels from 2019 by a significant margin. I Photo: Bloomberry Resorts Corporation

The company attributed its robust performance to the strong performance of the mass market segment.

Enrique Razon Jr., Chairman and CEO of Bloomberry, stated that the company's annual EBITDA and Net Profit grew by 35% and 85% year over year, respectively, driven by a resilient domestic market.

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He highlighted the remarkable performance of mass table games, electronic gaming machines, and non-gaming segments, which exceeded pre-pandemic levels from 2019 by a significant margin.

Razon expressed optimism for 2024, particularly with the upcoming opening of the second integrated resort in Quezon City, named Solaire Resort North. Construction is nearing completion, with plans for a late May launch.

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He emphasized that Solaire Resort North will enhance its luxury gaming and entertainment portfolio, solidifying its position as the leading integrated resort developer and operator in the Philippines.

In terms of financial performance, Bloomberry recorded gross gaming revenues of PHP58.3 billion in 2023, up by 16% compared to 2022.

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Gaming revenues recovered to 97% of pre-pandemic levels, driven by domestic-focused mass tables and electronic gaming machines segments.

Non-gaming revenues also surpassed pre-pandemic levels, reaching PHP8.7 billion, including contributions from Jeju Sun casino-hotel in South Korea.

However, cash operating expenses increased by 18% to PHP29 billion due to higher gaming taxes, salaries, benefits, and cost of sales, reflecting the improved level of business activity at Solaire.

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As of December 31, 2023, Bloomberry reported a consolidated cash and cash equivalents balance of PHP39.8 billion. Total long-term debt stood at PHP94.9 billion, with net receivables of PHP2.1 billion.

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