Casino resort operator Bloomberry Resorts Corp. said Monday net income reached P1.8 billion in the second quarter, a reversal of the P1.2-billion net loss in the same period last year, amid the relaxation of mobility restrictions.
The income boosted Bloomberry’s first-half profit to P2.5 billion, a turnaround from a net loss of P1.9 billion in the first half of 2021. Consolidated gross gaming revenues from January to June totaled P22 billion, an increase of 76 percent from P12.6 billion in the first half of 2021.
Bloomberry said in a disclosure to the stock exchange gross gaming revenues at Solaire Resorts & Casino in Parañaque City jumped 131 percent in the second quarter to P13.1 billion from P5.7 billion a year ago.
“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA [earnings before interest, taxes, depreciation and amortization] and net income,” said Bloomberry chairman and chief executive Enrique Razon Jr.
“Absent the emergence of new COVID-19 variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security,” Razon said.
Bloomberry said VIP gross gaming revenue at Solaire surged 281 percent in the second quarter to P4.4 billion. Mass table and electric gaming machines gross gaming revenues reached P4.1 billion and P4.6 billion, representing year-over-year increases of 45 percent and 175 percent, respectively.
Non-gaming revenue in the second quarter rose 163 percent to P1.7 billion from the P657 million generated in the same quarter last year.
Hotel occupancy in the second quarter averaged 53.4 percent, up from 14.9 percent in the second quarter of 2021.
The gaming firm topped off its second integrated resort in the country, Solaire Resort North, in Quezon City in July. Bloomberry plans to open Solaire Resort North in 2023.