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Bloomberry Resorts Corp., which operates Solaire Resorts & Casino, saw its net income surge 92 percent in the second quarter of 2023 to P3.4 billion from P1.8 billion year ago on strong domestic and international demand.
Bloomberry said in a stock exchange filing Wednesday the second-quarter net income included P356.6 million one-time gain on sale from the disposition of an asset at Solaire Korea. Excluding this one-off item, Bloomberry’s net income for the quarter would still be higher by 72 percent year-over-year.
Gross gaming revenues at Solaire reached P15.1 billion in the second quarter, up 15 percent year-on-year as all gaming segments delivered strong results.
“During the quarter, all our business segments continued to deliver growth that pushed consolidated net revenues, EBITDA, and net profit in the first half to levels exceeding that of the same period in 2019,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
Razon said gaming volumes in both VIP and mass gaming extended their gains year-on-year, on the back of continued strength of the Philippines’ domestic gaming market and gradually recovery international visitation profile.
“We anticipate that the growth momentum we have so far seen will continue well into the next six months and in the years ahead,” he said.
Gross gaming revenues from Solaire’s VIP, mass table and electronic gaming machines in the second quarter were P4.7 billion, P5 billion and P5.4 billion, representing year-on-year increases of 7 percent, 22 percent and 17 percent, respectively.
Non-gaming revenues sales rose 16 percent to P2 billion in the second quarter as hotel occupancy at Solaire reached 80 percent from 53.4 percent in the second quarter of 2022.
Bloomberry’s first-half net income jumped 160 percent to P6.42 billion from P2.5 billion a year ago as consolidated gross gaming revenues went up 41 percent to P31.2 billion from P22 billion.
Bloomberry is developing Solaire North, its second integrated hotel and casino in Quezon City. It is scheduled to open in the first quarter of 2024.