A prominent Philippine casino operator, Bloomberry Resorts, announced a stellar third quarter in 2022. Their gross gaming revenue (GGR) reached 13.4 billion Philippine pesos (approximately US$230 million), a substantial 89% increase from the corresponding period last year.
This impressive performance is largely attributed to their flagship property, Solaire Resort and Casino in the Philippines, along with the Jeju Sun Hotel and Casino in South Korea. Solaire witnessed significant growth across all segments, with VIP play soaring, mass market tables bustling, and slot machines seeing robust action.
The company attributes this surge to pent-up demand, especially from local tourists and visitors from other Asian countries, as pandemic limitations eased. Every gaming segment, from high-stakes VIP tables to slot machines, experienced impressive expansion.
This resulted in a remarkable 301% year-over-year rise in EBITDA, reaching 3.6 billion Philippine pesos. Their net income also turned positive, hitting 1.5 billion Philippine pesos compared to a deficit in the prior year.
Enrique K. Razon Jr., Bloomberry’s Chairman and CEO, conveyed optimism, stating that their gaming activity is approaching pre-pandemic levels despite worldwide economic headwinds.
Our impetus this quarter has been quite robust, propelling our earnings from the local mass entertainment market to exceed 95% of 2019 levels. This truly demonstrates the resilience of regional expenditure. Furthermore, with the resurgence of global travel, we’re observing a favorable recovery in our high-roller gaming sector.”
Razon Jr. continued, “While we’re intensely concentrated on Solaire’s resurgence within Entertainment City, our secondary integrated resort, Solaire Resort North, is progressing admirably. We celebrated its topping-out ceremony last July and remain dedicated to a launch in the final quarter of the following year. We firmly believe that once Solaire Resort North is operational, it will significantly amplify our footprint within this flourishing domestic entertainment market and solidify our dominant standing.”