Bloomberry Resorts has reported net income of PHP 1.8bn (US$32.5m) for the second quarter of 2022, with net revenue rising 112% year-on-year to PHP 10bn.
EBITDA rose 277% year-on-year to PHP 3.9bn, while net profit was PHP1.8bn, reversing from net loss of PHP 1.2bn in the prior-year quarter. Cash and cash equivalents as of 30 June 2022 rose to PHP 36.8bn.
The company’s subsidiaries own and operate Solaire Resort & Casino and Jeju Sun Hotel & Casino.
Total gross gaming revenue at Solaire was PHP 13.1bn, a 131% increase from the second quarter of 2021, with eased Covid-19 restrictions throughout the quarter furthering the recovery of gaming revenues.
Solaire’s VIP, mass table and EGM gross gaming revenues in the period amounted to PHP 4.4bn, PHP 4.1bn, and PHP 4.6bn respectively. The figures represented year-on-year increases of 281%, 45% and 175% respectively. Bloomberry noted that year-over-year growth across all segments was driven by higher gaming volumes.
Solaire Korea’s Jeju Sun meanwhile reported nil gaming revenue as the operations at the property have been suspended since 21 March 2020.
“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations,” said Bloomberry Resorts Chairman and CEO Enrique K. Razon Jr.
“Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income.
“Absent the emergence of new Covid-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security.”
Bloomberry also reported its first half 2022 results, with gross gaming revenue climbing 76% year-over-year to PHP 20bn, and EBITDA growing 174% to PHP 6.7bn. Net profit was PHP 2.5bn, a reversal from net loss of PHP 1.9bn in the first half of 2021.
The operator has fared much better than the likes of MGM China, who earlier this month reported a 54% year-on-year revenue decrease for Q2 2022. The group reported a decline from $311m to $143m, largely due to travel and entry restrictions imposed by Macau's Government in response to Covid-19.