BLOOMBERRY Resorts Corp.’s net income in the first quarter rose by more than four times to P2.98 billion from P686.67 million a year ago on strong domestic and international demand, which increased its gaming volumes.
“Our performance was highlighted by a 338% increase in consolidated net income to P3 billion, driven by still strong domestic demand and increased participation by international patrons from around the region,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said in a statement.
“Solaire Resort Entertainment City’s VIP, mass tables and slots segments all posted substantial gains as gaming volumes expanded,” he added.
Bloomberry, through its subsidiaries, owns and operates Solaire and Jeju Sun Hotel & Casino.
The company’s top line rose in the first three months of the year to P12.83 billion, up by 78.5% from P7.19 billion in the same period last year.
Bulk of its revenues came from its gaming segment, which recorded P10.82 billion, an increase of 72.4% from the P6.28 billion booked in 2022.
At Solaire, the company registered a total gross gaming revenue (GGR) of P16 billion in the first quarter, up by 80% from the P8.9 billion booked in 2022. This has also surpassed its pre-pandemic first quarter total GGR which was P13.6 billion.
“GGR growth continued to be supported by strong domestic demand and an increasing participation of international patrons,” the company said.
The company recognized a year-on-year growth in Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in at P168.23 billion, P12.07 billion, and P83.96 billion, respectively.
GGR from each segment also grew with VIP tables accounting for P6.4 billion, mass tables for P4.89 billion, and slots for P4.76 billion.
Meanwhile, Jeju Sun recorded a GGR of P1.2 million in the first three months of the year, reversing the P8.5-million loss it incurred last year.
Its hotel, food and beverage segment jumped by almost three times to P1.05 billion in the first quarter, from P376.26 million last year.
Revenues from Bloomberry’s retail and other business segments climbed 80% to P969.72 million from January to March this year, from P528.75 million in the previous year.
The company’s operating expenses during the quarter rose by 54% to P8.07 billion from P5.24 billion in the same period in 2022.
In the three months to March, the company’s consolidated cash operating expenses reached P7.2 billion, up 67% from the P4.3 billion booked last year.
“The increase in cash operating expense was due to higher gaming taxes, cost of sales, and salaries, consistent with the improved level of business activity at Solaire,” the company said.
Banking on the further recovery of travel, Mr. Razon said that the company is seeing “continued growth.”
“We remain optimistic about continued growth as the recovery of international travel progresses and further augments domestic spending in our VIP and mass gaming segments, as well as in our hotel, food and beverage and retail businesses,” he said.
On Wednesday, shares in Bloomberry increased by 66 centavos or by 6.38% to P11 apiece. — Justine Irish D. Tabile