Bloomberry Resorts Corp., the resorts and casino business of tycoon Enrique Razon, said Tuesday third-quarter net profit rose 20 percent year-on-year to P1.9 billion on strong domestic gaming demand.
Consolidated net revenue was up 8 percent to P10.9 billion in the third quarter even as total gross gaming revenue at Solaire was marginally lower at P13.3 billion from P13.4 billion due to fluctuations in the VIP and mass tables.
Bloomberry said that Solaire’s VIP rolling chip volume, mass table drop, and electronic gaming machine coin-in were P146.0 billion, P13.9 billion, and P91.2 billion, representing growth of 10 percent, 31 percent, and 7 percent, respectively, from the year-earlier period.
Third-quarter results pushed Bloomberry’s nine-month net income to P8.3 billion, more than double the P4.0 billion recorded in the same period of 2022. Gross gaming revenue for the January-September period was 26 percent higher at P44.5 billion.
Enrique K. Razon Jr., Bloomberry Chairman and CEO, said, “During the quarter, we saw the resilience of the Philippine gaming market as gaming volumes in our mass tables and EGM segments continued to expand on a sequential and year-over-year basis, despite the quarter’s weaker-than-anticipated economic climate,” said Razon, chairman and chief executive officer of Bloomberry.
“These mass-oriented gaming segments as well as our hotel, F&B (food and beverage), retail and other segments continue to perform well above their pre-pandemic run rates and are testaments to the strength of our domestic customer base,” he added.
Razon said that with the opening next year of Solaire Resort North in the first quarter of 2024, Bloomberry would further benefit from the strength of the domestic gaming market and draw more players from abroad.
In September, Bloomberry’s board authorized an equity fund raising exercise which was settled after the end of the third quarter and would be recorded in the fourth quarter. It said that a pro forma calculation of the company’s debt-to-equity and net debt-to-equity ratios would have shown an improvement to 2.37 times and 1.42 times, respectively.
