Asia Bulletin: Bloomberry posts PHP5.1bn net income for FY22

Bloomberry Resorts Corporation, whose subsidiaries own and operate Solaire Resort & Casino and Jeju Sun Hotel & Casino, has reported its financial results for the year ended 31 December 2022.

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Total gross gaming revenue (GGR) at Solaire was PHP50.1bn ($910m), representing an 81% year-on-year increase. The group noted that such GGR has recovered to 84% of 2019 levels, primarily driven by the largely domestic mass tables and Electronic Gaming Machines (EGM) segments.

GGR for the venue’s VIP, mass table and EGM segments were PHP16.5bn, PHP16.8bn and PHP16.9bn respectively, with the figures representing year-on-year increases of 144%, 48% and 77% respectively.

Consolidated net revenue for the period was PHP38.9bn, a 77% increase from the prior-year period, with consolidated EBITDA amounting to PHP14.3bn, up 175% compared to the prior-year period.

And consolidated net income for the period was PHP5.1bn, a reversal from the net loss of PHP4.2bn in 2021.

“2022 was a positive year of recovery for Bloomberry as Solaire benefited from a strong rebound in local demand across all business segments,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.

“Our gaming revenues hit 84% of pre-pandemic levels, propelled by the domestic-focused mass table games and EGM segments where revenues have already reached 100% of 2019 pre-pandemic levels. Last year we firmly returned to profitability as net income reached PHP5.1bn, a turnaround from losses recorded in the year prior.

“While we celebrate our success in 2022, we keep our eyes on the future as we ramp up construction activity at Solaire Resort North in Quezon City. We are excited to launch this new offering by the first quarter of 2024.”

Also posting FY22 results today was Flutter Entertainment, with the group reporting revenue of £7.69bn ($9.21bn), a 27% increase from the prior-year period.

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