Casino operator Bloomberry Resorts Corp. said Tuesday its nine-month net income more than doubled to P8.3 billion from P4 billion in the same period last year on the back of strong gaming revenues from mass-oriented gaming segments.
Nine-month gross gaming revenues (GGR) climbed 26 percent to P44.5 billion from P35.4 billion a year earlier, the company said in a disclosure to the stock exchange.
Third-quarter profit went up 20 percent to P1.9 billion from P1.5 billion even as gaming revenues at Solaire were flat at P13.3 billion.
Bloomberry chairman and chief executive Enrique Razon Jr. said the Philippine gaming market remained resilient despite the quarter’s weaker-than-anticipated economic climate.
He said gaming volumes from the mass-oriented gaming segments and hotel, food and beverage retail and other segments continued to perform above pre-pandemic run rates.
“With the opening of our second property next year, we aim to capitalize on this domestic strength. At this time, the construction of Solaire Resort North is on schedule to be completed by March 2024. We anticipate that Solaire Resort North will strengthen our market leadership position in the Philippines and raise the regional competitiveness of the Philippine gaming industry to new heights,” Razon said.
GGR from VIP jumped 29 percent year-on-year to P15.1 billion in the first nine months, while GGR from mass table rose 14 percent to P14 billion. GGR from EGMs increased 39 percent to P15.3 billion.
Bloomberry said strong domestic demand continued to prop-up GGR of mass tables and EGM above the nine-month 2019 levels at 114 percent and 125 percent, respectively.
Meanwhile, consolidated non-gaming revenues in the first nine months reached P6.4 billion, up by 42 percent from the same period last year.
Bloomberry raised P5.6 billion from share sale in September to fund the completion of its second casino project.