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Asia bulletin: Bloomberry reports 338% increase in consolidated Q1 net income

The results reflect an increase in tourism in both the Philippines and South Korea, following relaxed travel restrictions.

bloomberry q1 asia bulletin
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Bloomberry Resorts, a holding company that operates Solaire Resort and Casino and Jeju Sun Hotel & Casino, has released its first quarterly financial results for 2023.

The report states that Bloomberry’s consolidated net revenue for Q1 stands at PHP12.9bn ($231m), an increase of 79% year-on-year.

A consolidated net income amount of PHP3.0bn also meant a 338% increase.

Total gross gaming revenue for Solaire Resort and Casino was reported to be PHP16.0bn, which was an 80% rise.

This amount also exceeded the Q1 total for pre-pandemic levels in 2019, which saw a total of PHP13.6bn.

Reported consolidated EBITDA of PHP5.7bn represented a 100% growth.

Enrique K. Razon Jr., Bloomberry Chairman and CEO, said: “During the first quarter of 2023, Bloomberry delivered an outstanding set of results.

“Solaire’s VIP, mass tables and slots segments all posted substantial gains as gaming volumes expanded.

“Our performance was highlighted by a 338% increase in consolidated net income to PHP3.0 billion, driven by still strong domestic demand and increased participation by international patrons from around the region.”

At the Philippines-based Solaire Resort and Casino, VIP rolling chip volume was PHP168.2bn, which represented a year-on-year growth of 103%.

Korean-based Jeju Sun Hotel & Casino reported gross gaming revenue of PHP1.2m, with non-gaming revenue of PHP36.0m.

Razon Jr continued: “In addition, consolidated revenues, EBITDA and net income have all breached their first quarter 2019 pre-pandemic levels.

“We remain optimistic about continued growth as the recovery of international travel progresses and further augments domestic spending in our VIP and mass gaming segments, as well as in our hotel, F&B, and retail businesses.”

Only a few weeks ago, Bloomberry terminated its deal sheet between PH Travel and Leisure Corp for a proposed investment in PH Travel and Leisure subsidiaries Lapulapu Leisure, and Clark Grand Leisure Group. 


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