Bloomberry's 2024 Net Income Fell to P2.6B Compared to Net Income of P9.5B in 2023

Bloomberry Resorts Corporation's ​consolidated net income was P2.6 billion for 2024, compared to a net income of P9.5 billion in 2023. The decline was a result of significantly higher depreciation and interest expense associated with Solaire North (SN), as well as a one-off GRT charge.

Bloomberry Resorts Corporation (Bloomberry), whose subsidiaries own and operate Solaire Resort Entertainment City (SEC), Solaire Resort North (SN) and Jeju Sun Hotel & Casino (Jeju Sun), reported audited consolidated financial results for the year ended December 31, 2024. 

Mr. Enrique K. Razon Jr., Bloomberry Chairman and CEO, said, “In 2024 we reported topline growth despite a challenging operating environment in Metro Manila. The newly opened Solaire Resort North contributed to our GGR strength as it vastly expanded our presence in the mass market segment. Our consolidated mass gaming revenue increased by 19 percent, significantly outperforming the VIP segment and pushing consolidated GGR growth to 6 percent. However, our EBITDA and profit for the year were lower as we recognized pre-operating, depreciation, and interest expenses for Solaire North while Solaire in Entertainment City grappled with VIP and premium mass market weakness.”  

“Solaire North continues to gain traction in daily foot traffic and revenue. We believe that our second property’s exceptional world-class offerings are well-suited for the demand environment in the northern portions of the Greater Manila Area and gives us a distinct advantage over the competition within the Integrated Resort space.”

For fiscal year 2024, Bloomberry’s Gross Gaming Revenue (GGR) was P61.7 billion, representing an increase of 6% from P58.3 billion in 2023. The increase was mainly due to GGR contributed by SN, which recorded 221 days of operations for the year. The mass market segment outperformed the VIP business as the combined performance of mass table games and electronic gaming machines across two properties increased by 19%. In the fourth quarter of 2024, consolidated GGR was P16.2 billion, higher by 17% compared to the same period in the previous year.  

Contra-revenue accounts in 2024 decreased by 5% year-over-year to P13.6 billion. This represents 22% of consolidated GGR, compared to 25% in 2023. 

Non-gaming revenue was P10.7 billion for the year, representing an increase of 23% from P8.7 billion generated the year prior. In the fourth quarter of 2024, non-gaming revenue was P3.3 billion, higher by 44% year-over-year. 

Net revenue in 2024 was P53.1 billion, representing an increase of 10% from P48.4 billion in the previous year. Net revenue increased by 22% in the fourth quarter to P14.6 billion. 

Cash operating expenses for the year reached P36.5 billion, higher by 26% compared to P29.0 billion in 2023. The significant increase in cash operating expenses is due to the recognition of pre-operating and operating expenses associated with SN. The Company made no provisions for bad debt in 2024. 

The Group recorded consolidated EBITDA of P16.6 billion, representing a decrease of 14% from P19.3 billion in the previous year. The decline was mostly due to lower EBITDA generated by SEC and pre-operating expenses associated with SN which were partially off-set by SN’s ramp-up. Significant one-off items that impacted the company’s 2024 and 2023 consolidated EBITDA were 1) SN pre-operating expenses of P1.1 billion and P302.4 million incurred in 2024 and 2023, respectively and 2) P670.2 million one-off retirement charge incurred in the fourth quarter of 2023.  

In the fourth quarter of 2024, Bloomberry’s EBITDA was P4.0 billion, higher by 1% year-over-year. 

Bloomberry recorded a net income of P2.6 billion for the year, compared to net income of P9.5 billion in 2023. The decline was a result of significantly higher depreciation and interest expense associated with SN, as well as a P706.3 million one-off Gross Receipts Tax (GRT) charge relating to the P72.0 billion Syndicated Refinancing Facility. Net loss in the fourth quarter was P920.2 million, compared to net income of P1.3 billion in the fourth quarter of 2023.  

In 2024, the Company reported Basic Earnings per Share (EPS) gain of P0.242, which compares to a gain of P0.867 in 2023. EPS loss in the fourth quarter of 2024 was P0.086, lower than the EPS gain of P0.171 reported in the fourth quarter of 2023.

Solaire Resort Entertainment City (SEC)

For the year, total GGR at SEC was P53.2 billion, representing a decline of 9% from P58.3 billion in 2023.

VIP rolling chip volume was P436.1 billion, representing a year-over-year decline of 29%. The VIP hold rate was 3.50% against 3.16% in the previous year. VIP GGR was P15.2 billion, declining by 22% from P19.5 billion in 2023. 

Mass table drop was P41.1 billion, representing a year-over-year decline of 20%. The mass table hold rate was 42.9%, compared to 35.5% in the previous year. Mass table GGR was P17.6 billion, lower by 3% compared to P18.2 billion in 2023. 

EGM coin-in was P356.4 billion, almost unchanged from the previous year. The EGM hold rate was 5.7% compared to 5.8% in 2023. EGM GGR was P20.4 billion, lower by 1% compared to P20.6 billion in the previous year.

Non-gaming revenue was P8.3 billion, unchanged from 2023. Net revenue was P44.5 billion, down 7% from P48.0 billion in the previous year.

SEC generated EBITDA of P17.2 billion which was lower by 17% compared to P20.9 billion in 2023.

Solaire Resort North 

In its first 221 days of operations, SN generated GGR of P8.4 billion. Non-gaming revenue was P1.9 billion. Since opening last May, SN’s monthly gaming volumes, hotel, and F&B revenues steadily increased.

VIP rolling chip volume was P6.4 billion. At a VIP hold rate of 3.99%, VIP GGR was P253.3 million.  

Mass table drop was P14.8 billion. At a mass table hold rate of 24.7%, mass table GGR was P3.7 billion.

EGM coin-in was P72.0 billion. At an EGM hold rate of 6.2%, EGM GGR was P4.5 billion. 

SN generated EBITDA of P1.3 billion. 

Jeju Sun Resort & Casino (Jeju Sun)

Solaire Korea’s Jeju Sun recorded GGR of P44.0 million for the year, an increase of 42% from the previous year. 

Non-gaming revenue was P470.0 million, up 33% from P354.3 million in 2023. Net revenue was P512.5 million, higher by 34% year-over-year. 

Jeju Sun generated LBITDA of P249.0 million which compares to LBITDA of P238.3 million recorded in in 2023. 

As of December 31, 2024, Bloomberry had a consolidated cash and cash equivalents balance of P33.2 billion. Total outstanding long-term debt was P110.2 billion, which represents the balance of the current and non-current portions of the P72.0 billion and P40.0 billion Syndicated Loan Facilities. Total equity attributable to equity holders of the parent company was P62.0 billion. In the fourth quarter, the company revalued its land assets based on estimated fair values as indicated in an independent appraisers’ report. Accordingly, a P37.7 billion increase in the value of land was recognized resulting into a P28.7 billion revaluation increment that contributed to a significant increase in total equity.  

As of December 31, 2024, the Company has fully drawn the P40 billion Syndicated Loan Facility.  

Bloomberry had P2.3 billion in net receivables as of December 31, 2024, higher by P201.2 million from the beginning of the year. Total allowances amounting to P587.7 million covers all receivables over 90 days.

On February 12, 2025, the Company’s subsidiaries, Bloomberry Resorts and Hotels, Inc., and Sureste Properties, Inc., signed with a group of banks the P40.0 billion Syndicated Refinancing Facility. The refinanced facility replaces the existing P40.0 billion Syndicated Term Loan Facility obtained in February 2019 to partially finance the construction of Solaire Resort North. The new facility has a term of 10 years, maturing in February 2035 and has a back-ended principal payment schedule. The refinanced loan is priced at a spread that is 75 basis points lower than the previous facilities and gives Bloomberry the option to fix the rate by February 2026. 

Listed on the Philippine Stock Exchange (PSE: BLOOM), Bloomberry Resorts Corporation is a leader in developing world-class destinations, comprising luxurious accommodations, premier gaming facilities, and exceptional dining. Its portfolio includes Solaire Resort Entertainment City, Solaire Resort North in Quezon City, and Jeju Sun Hotel & Casino (Jeju City) in Korea.

Solaire Resort North, a USD $1.0 billion venture, is the latest addition to the celebrated Solaire brand. It is Quezon City's inaugural luxury destination to offer authentic five-star services and amenities.