The rise in GGR was mainly attributed to the Solaire Resort North.
The Philippines.- Casino operator Bloomberry Resorts has shared its financial results for the year 2024. It reported gross gaming revenue (GGR) of PHP61.7bn (US$1.08bn). That’s an increase of 6 per cent in year-on-year terms. The growth was mainly due to the opening of Solaire Resort North (SN) for 221 days of the year.
The casino operator reported net income of PHP2.6bn (US$45.9m), down 72.63 per cent year-on-year. Consolidated net revenue was PHP53.1bn (US$930.6m), up 10 per cent, while non-gaming revenue was PHP10.7bn (US$187.3m), up 23 per cent year-on-year.
Consolidated EBITDA reached PHP16.6bn (US$290.5m), down 14 per cent. The decline was mostly due to lower EBITDA generated by Solaire Resort Entertainment City (SEC) and pre-operating expenses associated with SN, which were partially offset by its ramp-up. The mass market segment showed stronger performance than the VIP business.
GGR at SEC was PHP53.2bn (US$930m). That’s a decline of 9 per cent compared to the previous year. EBITDA was PHP17.2bn (US$301m), down 17 per cent year-on-year. Non-gaming revenue was PHP8.3bn (US$145.2m), flat in year-on-year terms. Net revenue was PHP44.5bn (US$779.2m), down 7 per cent year-on-year.
VIP GGR was down 22 per cent to PHP15.2bn (US$266m) while VIP rolling chip volume was PHP436.1bn (US$7.64bn), down 29 per cent
Mass GGR fell 3 per cent to PHP17.6bn (US$307.8m). Mass table drop was PHP41.1bn (US$719.3m), down 20 per cent. The mass table hold rate was 42.9 per cent. EGM GGR fell by 1 per cent year-on-year to PHP20.4bn (US$357m).
SN posted GGR of PHP8.4bn (US$147m). Non-gaming revenue was PHP1.9bn (US$33.2m). VIP rolling chip volume was PHP2.2bn (US$37.4m), while mass table drop was PHP6.4bn (US$108.8m). EGM coin-in was PHP72bn (US$1.26bn). The venue generated EBITDA of PHP1.3bn (US$22.7m).
Jeju Sun saw GGR of PHP44m (US$770k), up 42 per cent year-on-year. Non-gaming revenue was PHP470m (US$8.2m), up 33 per cent year-on-year, while net revenue was PHP512.5m (US$9m), up 34 per cent. Jeju Sun generated LBITDA of PHP249m (US$4.4m), which compares to LBITDA of PHP238.3m in 2023.
For the fourth quarter of 2024, the company reported a consolidated net revenue of PHP14.6bn (US$255.6m), up 22 per cent year-on-year. GGR was PHP16.2bn (US$283.6m), up 17 per cent year-on-year. EBITDA was PHP4bn (US$70m), up 1 per cent year-over-year. Consolidated net loss was PHP920.2m, compared to net income of PHP1.3bn (US$22.8m) in the fourth quarter of 2023.
