Listed gaming company Bloomberry Resorts Corp. said Thursday it booked net income of P5.1 billion last year, a reversal from net loss of P4.2 billion in 2021 as gaming revenues return to pre-pandemic levels.
Bloomberry Resorts own and operate subsidiaries Solaire Resort & Casino in the Philippine and Jeju Sun Hotel & Casino in South Korea.
Gross gaming revenue at Solaire jumped 81 percent year-on-year to P50.1 billion driven mainly by largely domestic mass tables and electronic gaming machine segment. Jeju Sun, which reopened only in October, saw gross gaming revenue loss of P8.5 million.
“Our gaming revenues hit 84 percent of pre-pandemic levels, propelled by the domestic-focused mass table games and EGM segments where revenues have already reached 100 percent of 2019 pre-pandemic levels,” said Enrique K. Razon Jr., Bloomberry chairman and chief executive officer, in a statement.
Razon said the recovery last year could be sustained moving forward, especially as Bloomberry ramps up construction at Solaire Resort North in Quezon City.
“These developments are encouraging as we mark Solaire’s 10th year of operations this March. We look forward to delivering even better results in 2023 and to reaching more milestones in the years to come,” he said.
Solaire’s hotel, food and beverage, and retail segments operated at capacities allowed by the Inter Agency Task Force on COVID-19. As a result, the company reported consolidated non-gaming revenues of PHP6.7 billion for 2022, more than double the PHP3.3 billion generated in the previous year. Hotel occupancy in 2022 was 53.7%, compared to 19.2%in 2021.
At Solaire Korea, non-gaming revenue in 2022 increased to PHP48.7 million from PHP1.8 million in 2021.
