Bloomberry Resorts Corp., the gaming firm of billionaire Enrique K. Razon Jr., said its net income last year surged 85 percent to P9.5 billion from the P5.1 billion recorded in 2022, on higher revenues of Solaire Resorts and Casino.
The company said Solaire’s gross gaming revenues last year rose 16 percent to P58.29 billion from the previous year’s P50.12 billion.
Bloomberry’s consolidated net revenue in 2023 reached P48.4 billion, representing an increase of 24 percent from P38.9 billion in 2022. Consolidated net revenue in the fourth quarter was P11.9 billion, higher by 3 percent compared to the same period in 2022, the company said.
“We have high hopes for 2024, especially as we open our second integrated resort in the thriving metropolis of Quezon City. The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year.
Solaire Resort North will massively enhance our luxury gaming and entertainment portfolio and solidify our standing as the leading integrated resort developer and operator in the Philippines,” Razon said.
Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in reached P616.4 billion, P51.2 billion, and P356.7 billion, representing year-over-year increases of 28 percent, 35 percent, and 16 percent, respectively. All segments benefited from strong domestic demand and further improvements in international visitation.
VIP, mass table and electronic gaming machines revenues amounted to P19.5 billion, P18.2 billion and P20.6 billion, representing year-over-year growth of 18 percent, 8 percent and 22 percent, respectively.
Total gaming revenues recovered to 97 percent of the 2019 level, propelled mainly by the largely domestic mass table games and electronic gaming machine (EGM) segments, which on a combined basis, increased to more than double of the 2019 level.
In the fourth quarter, total gross gaming revenue at Solaire reached P13.8 billion, lower by 6 percent year-on-year. VIP, mass tables and EGM revenues were P4.4 billion, P4.1 billion, and P5.4 billion, representing year-over-year declines of 7 percent, 8 percent and 4 percent, respectively.
Solaire Korea’s Jeju Sun recorded a GGR of P31 million for the year. Gaming revenue in 2023 was a reversal of a loss of P8.5 million covering the October 3 to December 31, 2022 period.
The company reported consolidated non-gaming revenues of P8.7 billion for 2023, an increase of 30 percent from the P6.7 billion generated in the previous year. Non-gaming revenues hit 107 percent of their 2019 values. In the fourth quarter, consolidated non-gaming revenue was P2.3 billion, higher by 4 percent compared with the same quarter in 2022.
At Solaire, non-gaming revenue for the year went up by 25 percent year-on-year to P8.3 billion. Hotel occupancy in 2023 was 79.8 percent, compared to 53.7 percent in 2022.
At Solaire Korea, non-gaming revenue in 2023 increased to P357.3 million from P48.7 million in 2022.
Net income in the fourth quarter rose by 11 percent year-on-year to P1.3 billion.