Razon-led Bloomberry Resorts net income surges 85% to P9.5 billion

RAZON-LED BLOOMBERRY Resorts Corp. announced on Monday an 85% growth in net income for 2023, reaching P9.5 billion compared to P5.1 billion the previous year.

Consolidated net revenue rose by 24% to P48.4 billion while consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 35% to P19.3 billion, Bloomberry said in a stock exchange disclosure on Monday.

“Driven by a strong domestic market, our annual EBITDA and net profit grew by 35% and 85% year-over-year, respectively. Our mass table games, electronic gaming machines and non-gaming segments performed remarkably as revenues in these areas breached 2019 prepandemic levels by a significant margin,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said.

Total gross gaming revenue (GGR) of Solaire Resort Entertainment City in Parañaque City rose by 16% to P58.3 billion led by domestic-focused mass tables and electronic gaming machines (EGM) segments. Its total GGR in 2023 was 97% of pre-pandemic levels.

The GGR of Solaire’s VIP, mass table, and EGM segments reached P19.5 billion, P18.2 billion, and P20.6 billion, representing an annual growth of 18%, 8%, and 22%, respectively.

“Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were P616.4 billion, P51.2 billion, and P356.7 billion, representing year-over-year increases of 28%, 35%, and 16%, respectively. All segments benefited from strong domestic demand and further improvements in international visitation,” it said.

The GGR of Solaire Korea’s Jeju Sun Hotel & Casino reached P31 million in 2023, a turnaround from the P8.5 million loss covering the Oct. 3 to Dec. 31, 2022 period.

In terms of non-gaming revenues, Bloomberry logged a 30% increase to P8.7 billion in 2023 from P6.7 billion in 2022. The 2023 figure reached 107% of their 2019 values.

Solaire’s non-gaming revenue rose by 25% to P8.3 billion. Hotel occupancy grew to 79.8% from 53.7% in 2022.

Solaire Korea’s non-gaming revenue rose to P357.3 million in 2023 from P48.7 million in 2022.

Mr. Razon said that Bloomberry is optimistic for 2024, citing the expected launch of Solaire Resort North in May.