The operator of Solaire casinos saw net income fall 73 percent to P2.6 billion, mainly due to higher depreciation and interest expenses linked to Solaire North’s launch.
Gross gaming revenue (GGR) grew 6 percent to P61.7 billion, as mass gaming outperformed VIP, with Solaire North helping to drive new growth opportunities.
Management’s view
“In 2024, we reported topline growth despite a challenging operating environment in Metro Manila. The newly opened Solaire Resort North contributed to our GGR strength as it vastly expanded our presence in the mass market segment,” said Razon, the chair and CEO of Bloomberry.
Solaire North traffic grows
“Solaire North continues to gain traction in daily foot traffic and revenue,” Razon said.
“We believe that our second property’s exceptional world-class offerings are well-suited for the demand environment in the northern portions of the Greater Manila Area and give us a distinct advantage over the competition within the Integrated Resort space,” he added.
Revenue growth
Bloomberry’s total net revenue rose 10 percent to P53.1 billion, boosted by a 23-percent increase in non-gaming revenues to P10.7 billion.
However, earnings before interest, taxes, depreciation and amortization, which is a measure of profitability, declined 14 percent to P16.6 billion, reflecting startup costs at Solaire North and soft VIP performance at Solaire Resort Entertainment City.
Breakdown of performance:
• Solaire Entertainment City: GGR slipped 9 percent to P53.2 billion, while EBITDA dropped 17 percent to P17.2 billion, as VIP gaming remained weak.
• Solaire North: Contributed P8.4 billion in GGR and P1.3 billion in EBITDA, helping diversify the company’s revenue base.
• Jeju Sun: GGR surged 42 percent to P44 million, though operations remained in the red with a P249-million EBITDA loss.
In the fourth quarter, Bloomberry reported a P920.2 million net loss, reversing from a P1.3-billion profit in Q4 2023, due to a one-off tax charge and higher costs.
However, the company recognized a P37.7 billion land value revaluation, significantly strengthening total equity.
