Solaire North ramp-up contributes to Bloomberry’s gaming revenue growth in 2024
Bloomberry’s Gross Gaming Revenue (GGR) for 2024 came in at P61.7bn, representing an increase of six per cent from P58.3bn in 2023. The increase was mainly due to GGR contributed by Solaire Resort North (SN), which recorded 221 days of operations for the year
The mass market segment outperformed the VIP business as the combined performance of mass table games and electronic gaming machines across two properties increased by 19 per cent. Consolidated net revenue was P53.1 billion, representing an increase of 10 per cent from P48.4 billion in the previous year
GGR at Solaire Resort Entertainment City (SEC) was P53.2bn, representing a decline of nine per cent from P58.3bn in 2023. SEC’s EBITDA was P17.2bn, down 17 per cent compared to the previous year. Solaire North generated GGR of P8.4bn and EBITDA of P1.3bn in 2024.
For the fourth quarter, the Group’s GGR was P16.2bn, higher by 17 per cent year-on-year
Enrique K. Razon Jr., Bloomberry Chairman and CEO, said: “In 2024 we reported topline growth despite a challenging operating environment in Metro Manila. The newly opened Solaire Resort North contributed to our GGR strength as it vastly expanded our presence in the mass market segment. Our consolidated mass gaming revenue increased by 19 percent, significantly outperforming the VIP segment and pushing consolidated GGR growth to 6 percent. However, our EBITDA and profit for the year were lower as we recognized pre-operating, depreciation, and interest expenses for Solaire North while Solaire in Entertainment City grappled with VIP and premium mass market weakness.”
Solaire Korea’s Jeju Sun recorded GGR of P44m for the year, an increase of 42 per cent from the previous year.
