Operator News
Philippines – Solaire up by 89 per cent with domestic-focused gaming back up to 95 per cent of 2019 levels
By Phil - 9 November 2022
Bloomberry Resorts Corporation, whose subsidiaries own and operate Solaire Resort & Casino (Solaire) and Jeju Sun Hotel & Casino (Jeju Sun), reported a huge 89 per cent increase in revenues for the three months and nine months ended September 30, 2022.
With Jeju Sun shut, it was left to Solaire to drive the increase with GGR coming in at P13.4bn, representing an increase of 89 per cent from P7.1bn in the third quarter of 2021.
Enrique K. Razon Jr., Bloomberry Chairman and CEO, said: “Against a global economic backdrop of rising
inflation and interest rates, our business saw third quarter gaming volumes further improve toward pre-pandemic levels. Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95 percent of January to September 2019 values, demonstrating the resilience of local discretionary consumption. Our VIP segment experienced progressive recovery as it benefited from gradually improving international traffic.”
“While we remain focused on the recovery of Solaire in Entertainment City, work continues unimpeded on our second integrated resort, Solaire Resort North. We topped-off the structure last July and we remain on schedule to open by the fourth quarter of next year. We believe that once opened, Solaire Resort North will be able to expand and strengthen our foothold in this burgeoning domestic gaming market.”
In the third quarter of 2022, Solaire’s gaming segments operated at capacities consistent with guidelines set forth by PAGCOR and IATF. Total GGR at Solaire was P13.4bn, representing an increase of 89 per cent from P7.1bn in the third quarter of 2021. Compared to the previous quarter, GGR at Solaire improved by two per cent. GGR in the first nine months was P35.4bn, 80 per cent higher than the P19.6bn recorded in the same period last year.
Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were P132.8bn, P10.6bn, and P85.1bn, representing year-over-year growth of 23 per cent, 77 per cent, and 118 per cent, respectively. Growth across all segments was driven by strong domestic demand supported by much easier COVID-19 mobility and travel restrictions both locally and within the Asian region. On a sequential basis, VIP rolling chip volume, mass table drop, and slot coin-in grew by 13 per cent, 14 per cent, and 10 per cent, respectively. VIP, mass table, and EGM GGR were P4.7bn, P4.4bn, and P4.3bn, representing year-over-year increases of 136 per cent, 61 per cent, and 81 per cent, respectively. On a sequential basis, VIP and mass tables GGR recorded increases of seven per cent and six per cent, respectively, while EGM GGR declined by seven per cent.
In the first nine months, Solaire’s VIP, mass table, and EGM GGR were P11.8bn, P12.3bn, and P11.3bn, representing year-over-year growth of 131 per cent, 53 per cent, and 75 per cent, respectively. Of note is the combined GGR performance of the domestic-focused mass tables and slots segments which have recovered to well over 95 per cent of 2019 levels. Also remarkable is the performance of the slots segment where coin-in has far exceeded pre-pandemic volumes. Solaire Korea’s Jeju Sun reported nil gaming revenue in the third quarter as operations at the property were suspended. Jeju Sun reopened with limited gaming operations last October 3, 2022.
