Bloomberry Resorts Corp., holder of the hotel and casino business of tycoon Enrique Razon, booked a net income of P3 billion in the first-quarter of this year, four times more than in the year-earlier period on still strong domestic demand and an influx of foreign visitors to its leisure facilities.
Subsidiaries of Bloomberry own and operate Solaire Resort Entertainment City in the Philippines and Jeju Sun Hotel & Casino in South Korea.
Total net revenue, which combines gaming and food & beverage earnings in the first quarter, totaled P12.9 billion, an increase of 79 percent from P7.2 billion in the same period last year.
Consolidated net gaming revenue for the period reached P10.8 billion, higher by 72 percent year-over-year. Gross gaming revenues (GGR) at Solaire was P16.0 billion, representing an increase of 80 percent from P8.9 billion in the first quarter of 2022. Meanwhile, Jeju Sun recorded gross gaming revenue of P1.2 million in the first quarter.
“We remain optimistic about continued growth as the recovery of international travel progresses and further augments domestic spending in our VIP and mass gaming segments, as well as in our hotel, F&B, and retail businesses.” said Bloomberry chairman and chief executive officer Enrique Razon Jr.
Consolidated earnings before interest, taxes, depreciation and amortization was P5.7 billion, double the P2.9 billion in the same quarter of 2022
Solaire’s F&B and retail segments operated at capacities allowed by the IATF. The company reported consolidated non-gaming revenue of P2.1 billion for the quarter, more than double the P927.8 million generated in the same quarter last year.
At Solaire Korea, non-gaming revenue was P36 million, representing an increase of P34.8 million from the same quarter last year.
