Bloomberry Resorts Corporation, the esteemed owner and operator of Manila’s renowned Solaire Resort Entertainment City, showcased a robust performance in the final quarter of 2023, underscoring its resilience amidst global economic challenges. The period witnessed a 3% year-on-year increase in consolidated net revenues, buoyed by notable advancements in non-gaming streams.
Financial Performance Overview:
In the fourth quarter of 2023, Bloomberry recorded consolidated net revenues of Php11.9 billion (US$212 million), reflecting a marginal 3% uptick from the previous year. Although total gross gaming revenue (GGR) at Solaire experienced a modest decline of 6% year-on-year, it demonstrated a 4% sequential improvement from the preceding quarter. The breakdown revealed a decrease in VIP, mass table, and electronic gaming machine (EGM) GGR. However, the company experienced a commendable surge in consolidated non-gaming revenue, reaching Php2.3 billion (US$41.1 million), marking a 4% rise compared to the same period in 2022. Additionally, the contribution from the company’s Korean casino, Jeju Sun, notably reversed from a loss to a positive GGR.
Yearly Milestones and Financial Highlights:
For the full year of 2023, Bloomberry achieved significant milestones, witnessing a remarkable 24% year-on-year increase in consolidated net revenues, totaling Php48.4 billion (US$864 million). Notably, Solaire’s GGR soared by 16% to Php58.3 billion (US$1.04 billion), representing a recovery to 97% of 2019 levels. This resurgence was predominantly fueled by robust performance in the domestic mass table games and EGM segments, which collectively surpassed pre-pandemic levels. VIP rolling chip volume, mass table drop, and slot coin-in exhibited substantial growth, underscoring the company’s resilience and adaptability to changing market dynamics.
CEO’s Reflection and Future Outlook:
Enrique K Razon Jr., Chairman and CEO of Bloomberry, expressed satisfaction with the company’s financial and operational achievements in 2023. He emphasized the resilience of the Philippine economy amid global uncertainties, attributing the company’s success to the strong domestic market. Notably, annual EBITDA and net profit surged by 35% and 85% year-over-year, respectively, driven by robust performances across various segments. Looking ahead to 2024, Razon Jr. articulated optimism, particularly with the imminent launch of the second integrated resort, Solaire Resort North, in Quezon City. With construction nearing completion, the new establishment is poised to elevate Bloomberry’s luxury gaming and entertainment portfolio, further solidifying its position as a premier integrated resort developer and operator in the Philippines.
Bloomberry Resorts Corporation’s resilient performance in 2023, highlighted by steady revenue growth and strategic expansions, underscores its resilience and adaptability in navigating challenging market conditions. With a strong foundation established and ambitious plans for the future, including the launch of Solaire Resort North, the company is well-positioned to capitalize on emerging opportunities and uphold its leadership in the Philippine integrated resort industry.