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Philippines – Revenue, EBIDTA and profit all beating pre-pandemic levels at Bloomberry

By - 9 August 2023

Revenue, EBITDA, and profit are all surpassing 2019 equivalents for Bloomberry Resorts Corporation, driven by growth at its casinos at Solaire Resort Entertainment City and Jeju Sun Hotel & Casino.

Total GGR at Solaire was P15.1bn, representing an increase of 15 per cent from P13.1bn in the second quarter of 2022. In the second quarter, Solaire’s VIP rolling chip volume, mass table drop, and EGM coin in were P172.5bn, 13.3bn, and 90bn, representing year-over-year growth of 47 per cent, 43 per cent, and 17 per cent, respectively. On a sequential basis, VIP rolling chip volume, mass table drop, and slot coin-in grew by three per cent, 10 per cent, and seven per cent, respectively.

Enrique K. Razon Jr., Bloomberry Chairman and CEO, said: “During the quarter, all our business segments continued to deliver growth that pushed consolidated net revenues, EBITDA, and net profit in the first half to levels exceeding that of the same period in 2019. Gaming volumes in both VIP and mass gaming extended their gains year-over-year, highlighting the strength of the Philippines’ domestic gaming market and gradually recovering international visitation profile. We anticipate that the growth momentum we have so far seen will continue well into the next six months and in the years ahead.”

Compared to the previous quarter, GGR at Solaire declined by six per cent. GGR at Solaire in the first half was P31.2bn, 41 per cent higher than the P22bn recorded in the first half of 2022.
Solaire’s VIP, mass table, and EGM GGR in the second quarter were P4.7bn, P5bn, and P5.4bn, representing year-over-year increases of seven per cent, 22 per cent, and 17 per cent, respectively. Year-over-year growth across all segments was driven by higher gaming volumes. On a sequential basis, mass tables and EGM GGR recorded increases of three per cent and 13 per cent, respectively. VIP GGR declined by 26 per cent from the previous quarter as a result of a lower hold rate.

In the first six months, Total GGR was P31.2 billion, higher by 41 per cent year-over-year as domestic market strength was maintained in the second quarter. Total GGR at Solaire was 110 per cent of the level reported in the first half of 2019. VIP, mass table, and EGM GGR were P11.1bn, P9.9bn, and P10.1bn, representing year-over-year growth of 57 per cent, 25 per ent, and 44 per cent, respectively.

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