RAZON-LED Bloomberry Resorts Corp. recorded an 11% drop in first-quarter consolidated net income to P2.6 billion on weaker VIP and mass table game revenues at its Solaire Resort in Parañaque City.
“In the first quarter of 2024, Solaire in Entertainment City reported lower VIP and mass table game revenues that resulted in an 11% decline in consolidated net income, Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said in a statement to the stock exchange on Tuesday.
“If net income were adjusted for P279 million of Solaire Resort North pre-operating expenses, net income would have declined by only 3%. We had a strong showing in the heavily domestic slot machines segment where revenue grew by 24% year-over-year,” he added.
Consolidated net revenue declined by 3% to P12.5 billion, while consolidated earnings before interest, taxes, depreciation, and amortization fell by 14% to P4.9 billion.
Total gross gaming revenues (GGR) at Solaire Entertainment City fell by 8% to P14.8 billion. VIP rolling chip volume declined by 36% to P106.9 billion, while mass table drop fell by 8% to P11.1 billion.
VIP and mass tables GGR dropped by 33% and 6% to P4.3 billion and P4.6 billion, respectively.
Electronic gaming machine GGR reached P5.9 billion, up by 24% year over year.
Solaire Korea’s Jeju Sun Hotel & Casino recorded P15.6 million in GGR during the period, up by P14.5 million from P1.2 million recorded in the previous quarter.
Bloomberry saw a 4% increase in consolidated non-gaming revenue to P2.2 billion during the period.
Solaire recorded a 2% jump in non-gaming revenue to P2.1 billion. Hotel occupancy reached 77.4%, higher than 76.9% in the first quarter of 2023. Solaire Korea’s non-gaming revenue grew to P94.5 million.
Meanwhile, Mr. Razon is banking on the upcoming launch of the $1-billion Solaire Resort North in Quezon City to boost Bloomberry’s market share.
“This strong local demand heightens our anticipation for our second property which will open on May 25. By increasing our mass table offerings and effectively doubling our slot machine capacity, Solaire Resort North will put Bloomberry in a prime position to gain market share,” Mr. Razon said.
Solaire Resort North spans 1.5 hectares and consists of 38 floors. It has 526 guest rooms and suites, 2,669 electronic gaming machines, and 163 tables across four casino levels.
On Tuesday, Bloomberry stocks retreated by 3.05% or 31 centavos to P9.87 each. — Revin Mikhael D. Ochave
