"It was a challenging second quarter for Bloomberry as softness persisted in Solaire Entertainment City’s VIP and premium mass segments. However, Solaire North saw further growth as mass gaming volumes and non-gaming revenue increased over the previous quarter,” said Razon, the chair and CEO of Bloomberry.
Solaire North holds up
While Solaire Resort Entertainment City’s second-quarter gross gaming revenue (GGR) dropped 27 percent to P9.8 billion—mainly due to a 46 percent drop in VIP rolling chip volume and weaker win rates—Solaire North posted strong gains in its mass and electronic gaming business.
The new property generated P4.5 billion in GGR, supported by solid hold rates of 26.7 percent for mass tables and 6.1 percent for electronic gaming machines, plus non-gaming revenue that topped P1 billion.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) from Solaire North surged to P1.1 billion from just P250 million a year earlier.
New online platform
“The gains in our second property contributed to the performance of our Metro Manila mass gaming and non-gaming revenue which rose 18 percent and 37 percent year-over-year, respectively. Last June, our new online platform ‘MegaFUNalo!’ was made available to the public on a soft-launch basis,” Razon said.
“In the coming months, we will introduce more content and enhancements to the platform that will strengthen its competitiveness,” he added.
The online gaming platform’s soft launch came amid rising regulatory and competitive pressures in the local gaming sector.
Company-wide cash operating expenses climbed 24 percent in the first half to P20.1 billion, with more than P500 million tied to MegaFUNalo!. I
Entertainment City struggles
Non-gaming revenue in Parañaque inched up only 2 percent, while cash operating expenses rose sharply on higher staffing and “MegaFUNalo!” costs.
Across the group, quarterly GGR slipped 1 percent year-on-year to P14.3 billion, while net revenue edged up 3 percent to P12.7 billion.
—Edited by Miguel R. Camus
