Explosive growth: Bloomberry profit more than quadruples in Q1 as gamesters flock to VIP tables, slot machines

Bloomberry Resorts (BLOOM) of ultra bilyonaryo Ricky Razon is back to pre-pandemic levels on the back of strong domestic demand and the return of international patrons.

BLOOM, the owner and operator of Solaire Resort Entertainment City and Jeju Sun Hotel & Casino, reported a 338 percent year on year increase in net income to P3 billion in the first three months of 2023. This is significantly better than its P2.2 billion profit in the same period in 2019.

Its EBITDA (earnings before interest, taxes, depreciation, and amortization) doubled year on year to P5.7 billion, much better than the P4.5 billion it booked in the first quarter of 2019.

Solaire’s total gross gaming revenues (GGR) jumped 80 percent to P16 billion in the first quarter of 2023, way above the P13.6 billion posted in 2019.

BLOOM enjoyed a surge in revenues across the board with VIP rolling chip volume rising by 103 percent to P168.2 billion , mass table drop by 73 percent to P12.1 billion , and slot coin-in by 53 percent to P84 billion.

Its non-gaming revenue climbed 127 percent to P2.1 billion in the first quarter this year with hotel occupancy hitting 77 percent from 24 percent the previous year.

The BLOOM chairman and CEO described the first quarter numbers as “outstanding.”

Razon remains optimistic about continued growth as international travel recovery progresses, contributing to further domestic spending in the VIP and mass gaming segments, as well as in the hotel, F&B, and retail businesses.