Bloomberry Resorts net profit grows 85% for 2023

A strong domestic market (the Philippines) has been pinpointed as key to this set of results. 

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Bloomberry Resorts, Casino Operator of the Year during the Global Gaming Awards Asia-Pacific 2023, has released its Q4 and FY results for 2023, as it continues to show positive recovery since the Covid-19 pandemic. 

Q4 2023 

In the fourth quarter of 2023, total gross gaming revenue (GGR) was PHP13.8bn (US$0.25bn), a decline of 6% year-on-year, with VIP, mass tables and EGM all showing slight declines during the quarter. However, consolidated net revenue was PHP11.9bn, representing an increase of 3% compared to the same period in the year prior. 

Consolidated EBITDA fell by a small figure of 0.3% year-on-year to PHP3.9bn, while consolidated net profit saw growth of 11% to PHP1.3bn. 

FY 2023 

The full-year picture in 2023 for Bloomberry highlighted that, overall, the company is continuing to recover from the effects of the Covid-19 pandemic. 

GGR for the year was valued at PHP58.3bn, up 16.3% from 2022’s figure of PHP50.1bn. This now means that total GGR has recovered to 97% of the 2019 level, which the company said has been driven mainly by the domestic mass table games and EGM segments; which combined have increased to 116% of the level recorded in 2019. 

Consolidated net revenue rose from PHP38.9bn in 2022 to PHP48.4bn in 2023, while consolidated EBITDA saw growth of 35% to a figure of PHP19.3bn. 

All in all, these strong figures have meant that consolidated net profit has grown 85% year-on-year to PHP9.5bn. 

Comments 

Bloomberry Chairman and CEO, Mr. Enrique K. Razon Jr., said: “I am pleased to report our financial and operating results for 2023, which reflect a resilient Philippine economy amid a challenging global economic landscape.  

“Driven by a strong domestic market, our annual EBITDA and Net Profit grew by 35% and 85% year-on-year, respectively. Our mass table games, electronic gaming machines and non-gaming segments performed remarkably as revenues in these areas breached 2019 pre-pandemic levels by a significant margin. 

“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.” 

Macau recently also released its gaming figures for February, highlighting growth when compared to February in 2023. 


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