Bloomberry Resorts Corporation, a Philippines-based gaming, entertainment, tourism and hotel holding company, reported a net profit of 1.1 billion Php (about $20 million) in the three months ended Dec. 31, 2022, reversing a year-over-year loss of about $23.6 million (about $23.6 million) thanks to an 84% increase in gaming revenue at Soleir Resorts in Manila.
However, third-quarter earnings fell to about $27.3 million, or 1.5 billion Pph, it said.
Strong local demand:
Soler’s gaming gross revenue (GGR) rose to Pph14.7 billion in the fourth quarter of 2022, VIP gaming bookings rose 184 percent to Pph4.7 billion, about $85.5 million, mass tables rose 37 percent to Pph4.4 billion, and EGM rose 81 percent to Pph5.6 billion, about $102 million.
In addition, Bloomberg’s consolidated EBITDA for the December quarter was approximately US$70.9 million at Pph 3.9 billion, an increase of 113% compared to US$1.9 billion (approximately US$34.6 million) reported in the fourth quarter of 2021.
Soler Manila reported an 81% increase in GGR in 2022 to Pph50.1 billion, or about $919 million, reaching 84% of 2019 levels. This was primarily due to local mass table games and the EGM segment.
Rolling chip volumes rose 96% annually to Pph481.7 billion, GGR was up $16.5 billion, GGR was up about $299 million, large declines were up 54% to Pph38 billion ($690 million) and EGM CoinIn was up 91% to Pph307.9 billion ($5.59 billion).
According to Bloomberg officials, the main reason for the increase in total sales of games was strong local demand, which supplemented the improvement in tourist visits in the second half of the year.
In this regard, Bloomberg’s President Enrique Crazon Jr. said, “The year 2022 has been a positive recovery year for Bloomberg as Solaire has benefited from a strong rebound in local demand across all business segments.
“Our gaming revenue has already hit 84% of pre-pandemic levels, driven by the nationally focused mass table gaming and EGM segment, which reached 100% of pre-pandemic levels in 2019. We are firmly back to profitability as net income reached 5.1 billion pesos last year, reversing from a loss the previous year.
“As we celebrate our success in 2022, we are keeping an eye on the future as we increase our construction activities at Solaire Resort North in the city of Quezon. We are excited to launch this new product by the first quarter of 2024.
“These developments are encouraging as we mark the 10th anniversary of Soler’s operations this March. We look forward to delivering even better results in 2023 and reaching more milestones in the years ahead.”
The other side of the coin:
But while Bloomberg generally saw an increase in total gaming revenue, that was not the case with Soler Korea, a much smaller casino on Jeju Island in South Korea.
The casino reported a loss of 4.7 billion Pph, equivalent to approximately $155.000, from October 3, 2022, to the end of the previous year, the reopening date.
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