VIPPH: Bloomberry Resorts Reports Q1 2024 Earnings, Prepares Solaire Resort North Launch

Philippines-listed Bloomberry Resorts Corp announced a consolidated net income of approximately PHP2.6 billion (US$45.0 million) for the first quarter of 2024, reflecting a 13.3% decline compared to the same period last year. However, sequentially, net income doubled from PHP1.3 billion in Q4 2023.

Group-wide consolidated revenue reached PHP12.5 billion, down roughly 3% year-on-year, yet up 5% from the previous quarter. The company continues to operate Solaire Resort & Casino in Entertainment City, Metro Manila, and the Jeju Sun Hotel & Casino in South Korea.

The upcoming Solaire Resort North, set to open on May 25 in Quezon City, Philippines, represents a US$1.0-billion investment spanning 1.5 hectares (3.7 acres). This tower-style integrated resort will feature 526 rooms and suites, 2,669 electronic gaming machines, and 163 tables across four levels.

First-quarter performance at Solaire Resort & Casino saw VIP rolling chip volume and mass table drop of PHP106.9 billion and PHP11.1 billion, down 36.4% and 7.9% year-on-year, respectively. Meanwhile, electronic gaming machines posted a 16.6% increase in coin-in to nearly PHP97.9 billion. On a sequential basis, VIP volume and mass table drop decreased 18% and 7%, while slot machine coin-in grew by 7%.

Total gross gaming revenue (GGR) at Solaire reached just under PHP14.8 billion, down 8.1% year-on-year but up 6.9% quarter-on-quarter. Chairman and CEO Enrique Razon noted that strong domestic slot machine demand, which rose 24% year-on-year, positions the company to capitalize on Solaire Resort North’s offerings.

Solaire Resort North is designed to expand Bloomberry’s market share with enhanced mass table offerings and a doubled slot machine capacity. Analysts at Maybank Securities forecast the new property could contribute 9% of Bloomberry’s 2024 GGR and 14% of 2025’s total as operations ramp up.

Beyond gaming, Bloomberry finalized a US$300-million settlement with Global Gaming Asset Management LLC (GGAM) on April 30, acquiring all GGAM-held shares to streamline corporate ownership ahead of the Solaire Resort North launch.

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