For the first semester of 2024, Bloomberry’s net income dropped 38 percent to P4 billion while gross gaming revenues slipped 6 percent to P29.2 billion.
Earnings before interest, taxes, depreciation, and amortization (ebitda) stood at P8.6 billion, a 24 percent drop from the previous year.
Gaming vs. non-gaming revenues
In the first half of 2024, total gaming revenue dropped by 6 percent to P29.2 billion compared to last year. However, non-gaming revenue grew by 11 percent, reaching P4.6 billion during the same period.
Management’s view
“In the second quarter and first half of 2024, our mass gaming revenues across two properties increased year-over-year despite the very high base set in the first half of 2023,” said Razon, the chair and CEO of Bloomberry.
“However, continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire Resort North resulted in a decline in consolidated ebitda and net income,” he added.
Mass market a bright spot
Solaire North, which opened in late May, logged 37 operating days in the second quarter. It generated gross gaming revenues of P1.1 billion and non-gaming revenue of P213 million, resulting in an ebitda of P250.1 million.
“We are in the early stages of the property’s ramp-up and are happy with the pace, especially as we compare it to the ramp of Solaire in Entertainment City over 11 years ago,” Razon said.
“As revenues at our second property grow, we anticipate further synergies and positive operating leverage to contribute to our group’s profitability in the coming quarters,” he added.
South Korea operations
Bloomberry Resorts also owns the Jeju Sun Resort & Casino in South Korea.
The property booked gross gaming revenues of P35.7 million in the second quarter, a significant increase from P4.7 million last year, with non-gaming revenue rising 45 percent to P125.5 million.
