Philippines’ Bloomberry Resorts reports 85% surge in 2023 profit

Jenny Ortiz March 5, 2024

SiGMA news

Philippines’ Bloomberry Resorts reports 85% surge in 2023 profit

Bloomberry Resorts, a Philippine gaming operator, has disclosed a robust performance for the fiscal year 2023, with a consolidated net income of PHP9.5 billion (€156.6 million).

This marks an impressive 85 percent surge compared to the PHP5.1 billion (€8.4 million) recorded in 2022.

Based on the company’s press release, the fourth quarter of 2023 net income stood at PHP1.3 billion (€21.2 million), showcasing an 11 percent rise from the same period in the previous year.

Solaire records strong performance

Bloomberry Resorts attributes its strong financial performance to Solaire, its flagship property, which witnessed a notable increase across all segments including VIP, mass table, and electronic gaming machines (EGM).

VIP gross gaming revenue (GGR) grew by 18 percent from 2022 to PHP19.5 billion (€320.6 million), while mass GGR saw an 8 percent yearly increase to PHP18.2 billion (€299.4 million), and EGM GGR surged by 22 percent to PHP20.6 billion (€339 million).

Solaire’s GRR up by 16%

Total gross gaming revenue (GGR) at Solaire reached PHP58.3 billion (€949 million) in 2023, marking a significant 16 percent increase from PHP50.1 billion (€82 million) in 2022.

Notably, total GGR has rebounded to 97 percent of pre-pandemic levels, primarily driven by the domestically focused mass tables and Electronic Gaming Machines (EGM) segments, which together surpassed pre-pandemic levels by 116 percent.

Expenses also increase in 2023

On the expense front, Bloomberry reported consolidated cash operating expenses of PHP29 billion (€477.1 million) in 2023, reflecting an 18 percent increase compared to PHP24.6 billion (€404.4 million) in 2022.

The rise in expenses is attributed to higher gaming taxes, salaries and benefits, and cost of sales, aligning with the heightened level of business activity at Solaire.

Better Philippine economy seen

Enrique Razon Jr., Chairman and CEO of Bloomberry, emphasized that the strong financial and operating results for 2023 underscore “a resilient Philippine economy amid a challenging global economic landscape.”

He highlighted the 35 percent year-over-year growth in annual EBITDA and an impressive 85 percent increase in net profit, driven by a robust domestic market performance.

Additionally, he noted that revenues in mass table games, electronic gaming machines, and non-gaming segments surpassed pre-pandemic 2019 levels by a significant margin, indicating strong recovery and resilience in the face of economic challenges.

Bloomberry optimistic for 2024

“We have high hopes for 2024, especially as we open our second integrated resort in the thriving metropolis of Quezon City,” Razon said.

“The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year. Solaire Resort North will massively enhance our luxury gaming and entertainment portfolio and solidify our standing as the leading integrated resort developer and operator in the Philippines.”

SiGMA Africa – less than one week away!

Just less than a week away until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa toward a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.