Management’s view
“As we started to record higher depreciation costs and interest expenses related to the commencement of Solaire Resort North’s operations, we reported a net loss in the July to September quarter of 2024,” said Razon, the chair and CEO of Bloomberry Resorts.
New casino still ramping up
“The business environment remains challenging in Entertainment City as gaming volumes declined,” Razon said.
“However, the gaming volumes generated by our Quezon City property more than offset this weakness, resulting in a 22-percent year-over-year increase in our total Philippine gaming revenues for the quarter. After its first full quarter of operations, we believe that Solaire North’s ramp-up is still on pace,” he added.
Overall casino revenues grew
Bloomberry’s gross gaming revenue (GGR) rose 22 percent to P16.3 billion in the third quarter, driven by contributions from Solaire North.
For the first nine months of 2024, consolidated gross gaming revenue reached P45.5 billion, up 2 percent, with the mass market segment outperforming VIP.
Looking closer, Solaire Resort Entertainment City’s gross gaming revenue for the third quarter fell 5 percent to P12.6 billion, impacted by lower volumes in VIP, mass table, and electronic gaming machines.
Solaire North lifts casino revenues
Still, gross gaming revenue grew 22 percent to P16.3 billion in the third quarter thanks to the addition of Solaire North.
Solaire North reported P3.7 billion in GGR for its first full quarter, led by mass tables and electronic gaming machines, although VIP GGR showed a loss of P19 million.
Bloomberry Resort also operates the Jeju Sun Resort in South Korea.
The business saw a GGR loss of P8 million but reported a 21-percent increase in non-gaming revenue, with a worsened loss before interest, taxes, depreciation, and amortization (LBITDA) of P71.9 million.
