Bloomberry Resorts reports 89% rise in Q3 GGR

Bloomberry Resorts has reported total gross gaming revenue (GGR) of Php13.4bn ($230m) for the third quarter of 2022, an 89% increase from the prior-year period.

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The group’s subsidiaries own and operate the Solaire Resort & Casino in the Philippines and Jeju Sun Hotel & Casino in Korea.

Solaire’s VIP rolling chip volume, mass table drop and slot coin-in amounted to Php132.8bn, Php10.6bn and Php85.1bn for the third quarter of 2022, with the figures representing year-over-year growth of 23%, 77% and 118% respectively. 

Bloomberry noted that growth across all segments was driven by strong domestic demand supported by easier Covid-19 mobility and travel restrictions, both locally and within the Asian region.

VIP, mass table and EGM GGR amounted to Php4.7bn, Php4.4bn and Php4.3bn. These totals represent year-on-year increases of 136%, 61% and 81% respectively.

Consolidated EBITDA for Q3 2022 climbed 301% to Php3.6bn, with consolidated net profit amounting to Php1.5bn, compared to net loss of Php1.1bn in the same quarter last year.

“Against a global economic backdrop of rising inflation and interest rates, our business saw third quarter gaming volumes further improve toward pre-pandemic levels,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.

“Continued growth during the quarter drove nine-month revenues from our predominantly domestic mass gaming segments to well over 95% of January to September 2019 values, demonstrating the resilience of local discretionary consumption. Our VIP segment experienced progressive recovery as it benefited from gradually improving international traffic.”

Razon Jr. added: “While we remain focused on the recovery of Solaire in Entertainment City, work continues unimpeded on our second integrated resort, Solaire Resort North. 

“We topped off the structure last July and we remain on schedule to open by the fourth quarter of next year. We believe that once opened, Solaire Resort North will be able to expand and strengthen our foothold in this burgeoning domestic gaming market.”

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