Bloomberry returns to profit in Q1

Razon-led Bloomberry Resorts Corp. which owns and operates Solaire Resort & Casino (Solaire) and Jeju Sun Hotel & Casino (Jeju Sun) in Korea, reported a net income of P686.7 million in the first quarter of the year, reversing a net loss of P771.2 million a year ago.

Enrique Razon Jr., Bloomberry chairman and CEO said the company reported strong results despite a return to GCQ Alert Level 3 in January.

“For the first time in eight quarters, we recorded positive net earnings on growth driven by our domestic mass gaming segment. Business and pandemic conditions permitting, we look to sustain the recovery for the rest of the year,” he said.

“If travel constraints among Asian jurisdictions continue to ease, then we may see operations at Solaire ramp up further in the coming quarters. However, should COVID-19 cases surge anew, Bloomberry remains equipped to handle a return to tighter restrictions,” Razon said.

Total gross gaming revenue (GGR) at Solaire was P8.9 billion, representing an increase of 30 percent from P6.9 billion in the first quarter of 2021.

GGR growth was supported by much improved domestic patron confidence driven by the high nationwide vaccination rate and the easing of COVID-19 restrictions throughout the quarter. Compared to the fourth quarter of 2021, GGR at Solaire improved by 12 percent.

Solaire’s VIP, mass tables, and electronic gaming machines GGR were P2.6 billion, P3.8 billion, and P2.4 billion, representing year-over-year increases of 36 percent, 53 percent, and one percent, respectively.

Bloomberry’s consolidated net revenue was P7.2 billion, representing an increase of 30 percent from P5.5 billion.

At Solaire Korea, non-gaming revenue was P1.2 million, representing an increase of 61 percent year-on-year.