Casino operator Bloomberry Resorts Corp. said Tuesday it registered a net income of P1.5 billion in the third quarter, reversing last year’s net loss of P1.1 billion on continued improvement in gaming volumes.
Bloomberry said in a disclosure to the stock exchange Tuesday third-quarter gross gaming revenue at Solaire Resorts & Casino grew 89 percent to P13.4 billion from P7.1 billion in the third quarter of 2021.
“Against a global economic backdrop of rising inflation and interest rates, our business saw third quarter gaming volumes further improve toward pre-pandemic levels,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
Bloomberry said all gaming segments registered strong third-quarter growth, driven by strong domestic demand and easier mobility and travel restrictions both locally and within the Asian region.
Solaire’s VIP tables contributed P4.7-billion revenues in the third quarter, up 136 percent from the same period last year on improving international travel.
Mass table accounted for P4.4-billion revenues, an increase of 61 percent while electronic gaming machines delivered P4.3 billion, up by 81 percent from a year ago.
The strong third-quarter results boosted Bloomberry’s nine-month net income to P4 billion, a reversal from the net loss of P3 billion in the same period last year.
Consolidated GGR in the first nine months reached P35.4 billion, representing an 80-percent increase from P19.6 billion a year earlier.
Gaming revenues from Solaire’s VIP, mass table and EGM hit P11.8 billion, P12.3 billion and P11.3 billion, representing year-on-year growth of 131 percent, 53 percent and 75 percent, respectively.
Consolidated non-gaming revenue in the first nine months also jumped 96 percent to P4.5 billion.
Razon said the company would focus on development of its second casino and hotel development in Quezon City in 2023.
Bloomberry plans to open Solaire North in the fourth quarter next year.
“We believe that once opened, Solaire Resort North will be able to expand and strengthen our foothold in this burgeoning domestic gaming market,” Razon said.
