Bloomberry Resorts Corporation Reported a PHP 9.5 Billion Consolidated Net Income in 2023, Up 85%

Bloomberry Resorts Corporation (Bloomberry), whose subsidiaries own and operate Solaire Resort Entertainment City (Solaire) and Jeju Sun Hotel & Casino (Jeju Sun), reported a P9.5 billion consolidated net income, representing an increase of 85% from P5.1 billion in the previous year. 

​Mr. Enrique K. Razon Jr., Bloomberry Chairman and CEO, 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-over-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.”​

Company's FY2023 Highlights:

• Total Gross Gaming Revenue (GGR) at Solaire was P58.3 billion, 16% higher than the P50.1 billion recorded in 2022. Total GGR has recovered to 97% of the 2019 level, driven by the domestic-focused mass tables and Electronic Gaming Machines (EGM) segments which on a combined basis have reached 116% of pre-pandemic levels.
• Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were P616.4 billion, P51.2 billion, and P356.7 billion, representing year-over-year increases of 28%, 35%, and 16%, respectively. All segments benefited from strong domestic demand and further improvements in international visitation.
• VIP, mass table, and EGM GGR were P19.5 billion, P18.2 billion, and P20.6 billion, representing year-over-year growth of 18%, 8%, and 22%, respectively
• Consolidated net revenue was P48.4 billion, representing an increase of 24% from P38.9 billion in the previous year.
• Consolidated EBITDA reached P19.3 billion, higher by 35% compared to P14.3 billion in 2022.
• Consolidated net income was P9.5 billion, representing an increase of 85% from P5.1 billion in the previous year.

Company's 4Q23 Highlights:

• Total GGR at Solaire was P13.8 billion, lower by 6% year-on-year. VIP, mass tables, and EGM GGR were P4.4 billion, P4.1 billion, and P5.4 billion, representing year-over-year declines of 7%, 8%, and 4%, respectively.
• Consolidated net revenue was P11.9 billion, representing an increase of 3% year-over-year.
• Consolidated EBITDA was P3.9 billion, representing a decrease of 0.3% year-over-year.
• Consolidated net income was P1.3 billion, 11% higher than income of P1.1 billion in the same quarter in 2022.

Bloomberry Resorts Corporation (PSE: BLOOM) is a public company listed on the Philippine Stock Exchange that develops destination resorts featuring premium accommodations, gaming and entertainment, and world-class restaurants and other amenities. Bloomberry Resorts Corporation’s subsidiaries own and operate the Solaire Resort Entertainment City in the Philippines and Jeju Sun Hotel & Casino in Korea.

​The company’s flagship property, Solaire Resort Entertainment City, is a USD $1.2 Billion integrated destination resort on an 8.3-hectare site in Manila, Philippines and the first to open in the PAGCOR-sponsored economic development zone known as Entertainment City.