MANILA, Philippines — Bloomberry Resorts Corp. of tycoon Enrique Razon Jr. posted a substantial double-digit hike in earnings in the first quarter as the company’s new integrated resort in Quezon City continues ramping up operations.
Bloomberry, owner and operator of Solaire Resort Entertainment City, Solaire Resort North and Jeju Sun Hotel & Casino, saw its net income climb by 26 percent to P3.3 billion in the first quarter from P2.6 billion in the same period last year.
Adjusting for the net impact of the P2.9 billion one-time, non-cash gain resulting from refinancing the P40 billion syndicated loan facility in February, Bloomberry said its net income would have been P445.8 million, lower by 83 percent year-on-year.
Bloomberry’s gross gaming revenue (GGR) for the three months stood at P16.8 billion, up by 14 percent from last year’s P14.8 billion due mainly to the GGR contributed by Solaire Resort North.
“Solaire North continued to gain ground as GGR across the board increased by 29 percent sequentially, resulting in a P1.1-billion contribution to consolidated EBITDA,” Razon said.
“However, Solaire Entertainment City’s year-over-year results were impacted by softness in gaming volumes arising from slow VIP play and the POGO ban,” he said.
Solaire North, which opened in May 2024, generated GGR of P4.6 billion during the first quarter, while non-gaming revenue reached P913.7 million.
Bolstered by a robust domestic market, the property’s ramp-up continued across the VIP, mass tables and electronic gaming machine (EGM) segments.
Meanwhile, the total GGR at Solaire Resort Entertainment City stood at P12.1 billion, down by 18 percent year-on-year, due to lower volumes and hold rates in the VIP and EGM segments.
Solaire Korea’s Jeju Sun recorded a GGR of P3.7 million and non-gaming revenue of P92.5 million.
“We are fully committed to pushing the performance of both our resort businesses and Solaire Online even as we are focused on ramping up our new online product, which will be launching in the coming weeks,” Razon said.
Razon said that Bloomberry’s new online gaming business is undergoing extensive testing and is on track for a full launch by the end of May or early June.
To secure the business’s long-term success, Bloomberry is seeking to increase its presence in mass gaming through a new electronic gaming product.
The new mainstream brand will complement Solaire Online and will bring Bloomberry’s online gaming entertainment brand to Filipinos nationwide.
