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Bloomberry Resorts reports net income of $170 million for 2023

March 5, 2024 PhilippinesSouth Korea Casino & Hotel

A Philippine-listed company called Bloomberry Resorts Corp reported a net income for the fiscal year 2023 of little over PHP9.52 billion (US$170.0 million), an 85.2% increase from the year before. The company also disclosed in a filing on Monday that May of this year will mark the opening of its next casino resort project in Vertis, Quezon City.

Group-wide net sales in 2023 increased by 24.3 percent to PHP48.39 billion from the previous year. Gross gaming revenues (GGR) reached about PHP58.33 billion, a 16.4% annual increase.

In 2022 and 2023, Bloomberry made no dividend announcements. Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) for the group in 2023 was PHP19.33 billion, up 35.0 percent from the year before.

Consolidated gross gross revenue (GGR) and non-gaming revenues made up 86.1% and 13.1% of total gross revenue in 2023, respectively. In 2023, Bloomberry was losing money in both the casino complex on South Korea’s Jeju Island and the Solaire Resort and Casino in Metro Manila.

The chairman and CEO of Bloomberry, Enrique Razon, said that the company’s 2023 success showed a strong Philippine economy in the face of a challenging global economic environment. He highlighted the remarkable achievements of electronic gaming machines, mass table games, and non-gaming places in 2019, surpassing pre-pandemic levels.

Razon is quite excited about 2024, particularly with the opening of Quezon City’s second integrated resort. Nearing complete, Solaire Resort North is scheduled to open in late May. Razon emphasized that the opening of Solaire Resort North will significantly increase the group’s offerings in gaming and entertainment, solidifying its standing as the leading integrated resort developer and operator in the Philippines.

Morgan Stanley Asia Ltd said that starting in the second half of this year, Bloomberry’s Quezon resort is expected to make a substantial contribution to the company’s earnings.

In the Philippines, income from the VIP rolling chip category reached PHP19.50 billion in 2023, up 18.4% from 2022, while the volume of chips grew by 28.0 percent year over year to PHP616.42 billion in the entire year. The mass-market table industry brought in PHP18.15 billion in revenue, an 8.2 percent annual increase. In 2023, slot machine income climbed by 22.3 percent to PHP20.65 billion, while slot machine coin-in jumped by 15.9 percent annually to PHP356.71 billion.

Original story by: GGRAsia

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