Solaire Resort casino operator Bloomberry Resorts Corp. of ultra bilyonaryo Enrique K. Razor Jr. raked in a massive jackpot with its net income skyrocketing 85% to P9.5 billion, primarily fueled by the robust performance of the mass market segment, which even surpassed pre-pandemic levels.
The local casual gamers drove Bloomberry’s gross gaming revenue up by 16% to P58.3 billion, or about 97% of its 2019 performance, propelled mainly by the domestic mass table games and EGM segments which saw a combined growth of 116% compared to 2019.
Consolidated EBITDA reached P19.3 billion, representing a 35% increase year-over-year.
Razon, Bloomberry chairman and CEO, is confident about 2024, especially with the upcoming launch of its second integrated resort, Solaire Resort North in Quezon City this May.
“ The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year,” he said.
In terms of gaming operations, Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in showed notable increases across the board, demonstrating robust domestic demand and an uptick in international visitors.
Fourth-quarter earnings in 2023 also showed growth, with Bloomberry’s profit rising 11% to P1.3 billion, despite a slight decline in total gross gaming revenue.
Bloomberry also boasts a healthy war chest with P39.8 billion in cash and cash equivalents. It has kept its debt under control with a total long-term debt of P94.9 billion balanced by a solid P48.4 billion in equity.
Solaire’s VIP, mass table, and EGM GGR were P19.5 billion, P18.2 billion, and P20.6 billion, representing year-over-year growth of 18%, 8%, and 22%, respectively.
In the fourth quarter of 2023, Bloomberry’s profit grew 11% to P1.3 billion as consolidated revenue went up by three percent to P11.9 billion. Total GGR, however, declined by six percent to P13.8 billion.
As of the end of December last year, Bloomberry maintained a healthy financial standing, with a consolidated cash balance of P39.8 billion and a manageable long-term debt profile.
The company also reported a slight increase in net receivables, linked to higher casino activity, and made modest provisions for bad debt, underscoring its prudent financial management amidst growth.
