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The Philippines – Solaire jumps 62 per cent in third quarter

By - 8 November 2021

Bloomberry Resorts has said its Solaire casino in the Philippines, generated P7.1bn in the third quarter representing an increase of 62 per cent from P4.4bn in the same quarter last year.

Shifting quarantine classifications resulted in Solaire being closed to the public for 41 out of 92 days in the quarter. In the 51 days that it was open, Solaire kept to its invite-only policy and operated the casino at a limited capacity as allowed by PAGCOR. VIP rolling chip volume, mass table drop, and EGM coin-in showed signs of recovery in the third quarter on both sequential and year-over-year bases, indicating much improved domestic patron confidence.

Enrique K. Razon Jr., Bloomberry Chairman and CEO, said: “In the third quarter, Bloomberry realised higher gaming volumes and revenues despite the intermittent business conditions brought about by shifting quarantine classifications. We are prepared to continue operating in such an environment, but are looking forward to a more stable one should domestic restrictions be eased in line with the increasing vaccination rate.”

“Even with now relatively relaxed limitations on mobility, Bloomberry remains committed to safeguarding the health of its onsite customers and team members by maintaining its industry benchmark health and safety security protocols.”

“Last August, Bloomberry, in partnership with the ICTSI Foundation, opened the Solaire-ICTSI Foundation Vaccination Center. This large-scale inoculation operation that features both ambulatory and drive-thru vaccination facilities is part of our ongoing contribution to the pandemic response effort. Operations in this new site and the one in Solaire continue to be smooth, efficient, and safe.”

Metro Manila was placed under ECQ from August 6 to August 20, 2021, which was then eased to MECQ from August 20, 2021 to September 15, 2021. On September 16, 2021, Metro Manila quarantine restrictions were eased under a new classification scheme to “GCQ Alert Level 4” until the end of the quarter. The result was Solaire having been closed to the public for 41 days out of the 92 days during the quarter. On September 16, 2021, Solaire reopened its doors and, keeping to its invite-only policy, operated the casino at a limited capacity as allowed by PAGCOR.

In the third quarter of 2021, total GGR at Solaire was P7.1bn, representing an increase of 62 per cent from P4.4bn in the same quarter of last year. Compared to the previous quarter, GGR improved by 25 per cent. GGR at Solaire in the first nine months was P19.6bn, higher by 14 per cent year-over-year.

Solaire’s VIP GGR in the third quarter was P2bn, representing a one per cent decline from the same quarter last year. Solaire’s mass table and EGM GGR were P2.7bn and P2.4bn, representing year-over-year gains of 144 per cent and 89 per cent, respectively. On a sequential basis, VIP and EGM GGR recorded increases of 72 per cent and 42 per cent, respectively. Mass tables GGR recorded a quarter-on-quarter decrease of four per cent, mainly due to a lower hold rate.

VIP rolling chip volume, mass table drop, and EGM coin-in showed signs of recovery in the third quarter on both sequential and year-over-year bases, indicating improved domestic patron confidence.

In the first nine months, Solaire’s VIP GGR increased by 26 per cent year-over-year to P5.1bn, while mass table and EGM GGR grew by 51 per cent and 27 per cent year-over-year to P8.1bn and P6.5bn, respectively.

Solaire Korea’s Jeju Sun reported nil gaming revenue in the first quarter as operations at the property have been suspended since March 21, 2020.

Consolidated contra revenue accounts in the third quarter increased by P853m year-over-year to P2.3bn, consistent with the increased gaming activity during the quarter. This represents 33 per cent of consolidated GGR compared to 23 per cent in the previous quarter and 33 per cent in the same quarter last year. Consolidated contra revenue accounts in the first nine months increased by two per cent compared to the same period last year to P5.4bn.

Consolidated net gaming revenue for the third quarter reached P4.4 billion, representing an increase of seven per cent and 65 per cent on a sequential and year-over-year basis, respectively. Consolidated net gaming revenue in the first nine months was P13.1bn, up by 23 per cent compared to the same period last year.

The company reported consolidated non-gaming revenue of P768.5m for the quarter, representing an increase of 31 per cent from the P585.5m generated in the same quarter last year. Consolidated non-gaming revenue was higher by 17 per cent compared to the previous quarter. Consolidated non-gaming revenue in the first nine months was P2.3bn, lower by 21 per centcompared to the same period last year.

At Solaire, non-gaming revenue for the third quarter was P767.3m, representing an increase of 31 per cent from the same quarter last year. Hotel occupancy was 18.3 per cent, compared to 14.9 per cent in the previous quarter and 17.6 per cent in the third quarter of 2020. Non-gaming revenue at Solaire in the first nine months was P2.3bn, representing a decline of 21 per cent year-over-year.

At Jeju Sun, non-gaming revenue for the quarter was P1.2m, representing a decline of seven per cent year-over-year.

Bloomberry’s consolidated net revenue in the third quarter was P5.1bn, representing an increase of 59 per cent from P3.2bn in the same period last year. Consolidated net revenue increased by nine per cent compared to the previous quarter. Consolidated net revenue in the first nine months was P15.4bn, higher by 13 per cent year-over-year.

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