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Bloomberry Resorts Q1 Report Shows 8.1% Decline in Gaming Revenue, Anticipates Upcoming Launch

May 15, 2024 Philippines Casino & HotelIndustry Updates

According to Bloomberry Resorts Corporation’s most recent quarterly report, gross gaming revenues (GGR) for the first quarter of 2024 decreased to Php14.8 billion (US$256 million).

Due primarily to reduced GGR in the VIP and mass table gaming sectors at its Manila Integrated Resort (IR), Solaire Resort Entertainment City, the data shows an 8.1% decline from the same period last year.

The data, which was made public on Tuesday, reveals a notable reduction in sales of VIP tables, which totaled Php4.27 billion (US$73.8 million), of 33.3%, and bulk tables, which totaled Php4.58 billion (US$79.2 million), of 6.3%.

Slot machine GGR climbed by 24.0% annually to Php5.90 billion (US$102 million) in spite of these losses. Strong domestic demand, according to Bloomberry, is the reason for this expansion, which bodes well for the opening of its second IR, Solaire Resort North, in Quezon City later this month.

Chairman and CEO of Bloomberry, Enrique K. Razon Jr., acknowledged the decline in revenue in statements that accompanied the report, but he also emphasized the strategic commitment to boost mass table offerings and triple slot machine capacity at Solaire Resort North in order to strengthen the company’s position in the market.

Consolidated net revenue for Bloomberry in the first quarter of 2024 was Php12.5 billion (US$216 million), down 3% from the same period the previous year but up 5% from the preceding quarter that ended in December 2023.

The report highlights the great performance of its Korean casino, Jeju Sun, which had a quarterly growth in GGR from Php1.2 million (US$20,700) to Php15.6 million (US$269,580). It also highlights Php2.2 billion (US$38 million) in non-gambling revenue.

See Related Articles: Solaire Resort North to contribute significantly to Bloomberry’s GGR

Original Story by: Inside Asian Gaming

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