Bloomberry Resorts, the operator of the Philippine casino resort, witnessed a significant surge in their revenue during the latter half of 2022. They generated 13.1 billion Philippine pesos, a substantial increase compared to the 7.7 billion pesos earned in the same period the previous year. This represents a remarkable 131% growth!
The driving force behind this substantial increase is the easing of pandemic restrictions in Manila, where the casino is situated. This marks a significant shift from the previous year, when fluctuating regulations posed challenges for the business.
As revenue climbed, so did their expenses. This was attributed to higher gambling taxes and the operational costs of the bustling casino.
Their quarterly profit soared compared to the previous year, rising from 1 billion pesos to 3.9 billion pesos. They even achieved a profit of 1.8 billion pesos, a stark contrast to the 1.2 billion peso loss incurred in the preceding year.
While the Philippine casino, known as Solaire, is thriving, their Korean counterpart, Jeju Sun Hotel and Casino, remains closed. This resulted in zero revenue from that particular establishment.
The Korean casino has been shuttered since the onset of the pandemic in 2020, meaning all of Bloomberry’s current earnings are derived from Solaire.
The luxury accommodations, large-scale dining areas, and electronic gaming machines at the resort generated 44 billion pesos, 41 billion pesos, and 46 billion pesos in income, respectively. The revenue from luxury accommodations was nearly four times the total income in the second quarter of 2021, revenue from large-scale dining areas increased by 45%, and electronic gaming machine revenue rose by 175%.
The Philippine economy is on the mend.
Bloomberry Chairman and CEO Enrique K Razon Jr stated that the recovery is primarily driven by robust domestic demand: “Our second-quarter results show the continued improvement of all aspects of our Philippine operations,” he said.
“Strong demand from the domestic mass market is propelling revenue close to pre-pandemic levels and encouraging continued enhancement in earnings before interest, taxes, depreciation, and amortization (EBITDA) and net income.”
For further recovery, the chairman highlighted the potential revival of regional tourism as a key factor to monitor.
“Unless a new COVID-19 variant emerges that could disrupt our progress, we anticipate further economic recovery as regional tourism picks up in the coming months.
“In the meantime, we will continue to operate Solitaire with the highest standards of service and health and safety, thereby expanding our market leadership.”
Last year, in addition to the difficult pandemic environment of previous years, Bloomberry was ordered by the Singapore Court of Appeal to pay $296.6 million to gaming management company Global Gaming Asset Management (GGAM) after it was found to have unlawfully terminated GGAM’s contract.
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