The rise in GGR was mainly attributed to the Solaire Resort North.
The Philippines.- Casino operator Bloomberry Resorts has shared its financial results for the year 2024. It reported gross gaming revenue (GGR) of PHP61.7bn (US$1.08bn). That’s an increase of 6 per cent in year-on-year terms. The growth was mainly due to the opening of Solaire Resort North (SN) for 221 days of the year.
The casino operator reported net income of PHP2.6bn (US$45.9m), down 72.63 per cent year-on-year. Consolidated net revenue was PHP53.1bn (US$930.6m), up 10 per cent, while non-gaming revenue was PHP10.7bn (US$187.3m), up 23 per cent year-on-year.
Consolidated EBITDA reached PHP16.6bn (US$290.5m), down 14 per cent. The decline was mostly due to lower EBITDA generated by Solaire Resort Entertainment City (SEC) and pre-operating expenses associated with SN, which were partially offset by its ramp-up. The mass market segment showed stronger performance than the VIP business.
Solaire Resort Entertainment City results
GGR at SEC was PHP53.2bn (US$930m). That’s a decline of 9 per cent compared to the previous year. EBITDA was PHP17.2bn (US$301m), down 17 per cent year-on-year. Non-gaming revenue was PHP8.3bn (US$145.2m), flat in year-on-year terms. Net revenue was PHP44.5bn (US$779.2m), down 7 per cent year-on-year.
VIP GGR was down 22 per cent to PHP15.2bn (US$266m) while VIP rolling chip volume was PHP436.1bn (US$7.64bn), down 29 per cent
Mass GGR fell 3 per cent to PHP17.6bn (US$307.8m). Mass table drop was PHP41.1bn (US$719.3m), down 20 per cent. The mass table hold rate was 42.9 per cent. EGM GGR fell by 1 per cent year-on-year to PHP20.4bn (US$357m).
Solaire Resort North results
SN posted GGR of PHP8.4bn (US$147m). Non-gaming revenue was PHP1.9bn (US$33.2m). VIP rolling chip volume was PHP2.2bn (US$37.4m), while mass table drop was PHP6.4bn (US$108.8m). EGM coin-in was PHP72bn (US$1.26bn). The venue generated EBITDA of PHP1.3bn (US$22.7m).
Jeju Sun results
Jeju Sun saw GGR of PHP44m (US$770k), up 42 per cent year-on-year. Non-gaming revenue was PHP470m (US$8.2m), up 33 per cent year-on-year, while net revenue was PHP512.5m (US$9m), up 34 per cent. Jeju Sun generated LBITDA of PHP249m (US$4.4m), which compares to LBITDA of PHP238.3m in 2023.
For the fourth quarter of 2024, the company reported a consolidated net revenue of PHP14.6bn (US$255.6m), up 22 per cent year-on-year. GGR was PHP16.2bn (US$283.6m), up 17 per cent year-on-year. EBITDA was PHP4bn (US$70m), up 1 per cent year-over-year. Consolidated net loss was PHP920.2m, compared to net income of PHP1.3bn (US$22.8m) in the fourth quarter of 2023.
Enrique K. Razon Junior, Bloomberry chairman and CEO, said: “In 2024, we reported topline growth despite a challenging operating environment in Metro Manila. The newly opened Solaire Resort North contributed to our GGR strength as it vastly expanded our presence in the mass market segment. Our consolidated mass gaming revenue increased by 19 per cent, significantly outperforming the VIP segment and pushing consolidated GGR growth to 6 per cent. However, our EBITDA and profit for the year were lower as we recognized pre-operating, depreciation, and interest expenses for Solaire North while Solaire in Entertainment City grappled with VIP and premium mass market weakness.”
The rise in GGR was mainly attributed to the Solaire Resort North. The Philippines.- Casino operator Bloomberry Resorts has shared its financial results for the year 2024. It reported gross gaming revenue (GGR)…
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