17.9 C
Tuesday, October 3, 2023
HomeWorld NewsBloomberry turns around with P5-billion income

Bloomberry turns around with P5-billion income


Related stories

Macro Briefing: 29 August 2023

* US and China agree to take steps...

Global Markets Rally, Posting First Weekly Gain In A Month

After three straight weekly declines, the Global Market...

Macro Briefing: 28 August 2023

* Inflation “remains too high,” says Fed Chairman...

In search of a new economic playbook

Chinese corporate earnings reports this week are forecast...

FirstFT: Western companies sound alarm over China’s sluggish recovery

Receive free Global Economy updatesWe’ll send you a...

SOLAIRE operator Bloomberry Resorts Corp. posted an attributable net income of P5.17 billion for 2022, a reversal of the past two year’s losses, as its gaming business bounced back strongly.

“2022 was a positive year of recovery for Bloomberry as Solaire benefited from a strong rebound in local demand across all business segments,” Enrique K. Razon, Jr., Bloomberry chairman and chief executive officer, said in a press release on Thursday.

In 2021 and 2020, the company suffered a net loss of P4.22 billion and P8.31 billion, respectively.

Based on the casino-resort operator’s financial report, its topline last year reached P38.81 billion, an increase of 76.5% from P21.97 billion in the previous year, mostly contributed by its gaming business.

“Our gaming revenues hit 84% of pre-pandemic levels, propelled by the domestic-focused mass table games and EGM (electronic gaming machines) segments where revenues have already reached 100% of 2019 pre-pandemic levels,” Mr. Razon said.

Bloomberry’s gaming revenue increased by 72% to P32.21 billion from P18.73 billion in the previous year. Its gross gaming revenues (GGR) increased by 80.1% to P50.11 billion from P27.63 billion previously.

“Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were P481.7 billion, P38 billion, and P307.9 billion, representing year-over-year increases of 96%, 54%, and 91%, respectively,” the company said.

Meanwhile, revenues for non-gaming businesses — hotel, food and beverages — contributed P3.26 billion, while retail and other businesses made up P3.34 billion.

Its consolidated operating costs and expenses were also higher by 32.95% to P28.12 billion from the P21.15 billion of the previous year.

The company, reported consolidated earnings before, interest, tax depreciation, and amortization (EBITDA) of P14.31 billion, or more than double of the previous year’s P5.21 billion.

Additionally, the company’s Korean business trimmed its net loss to P544 million from P1.32 billion in 2021 when it was closed.

For the fourth quarter of 2022, the company earned P1.1 billion, reversing the previous year’s P1.3-billion net loss. Its consolidated year-on-year net revenue increased by 75% to P11.6 billion.

GGR for Solaire grew by 84% to P14.7 billion, contributed by VIP tables at P4.7 billion, mass tables at P4.4 billion, and EGM GGR at P5.6 billion.

The company’s EBITDA grew to P3.9 billion from P1.9 billion in the previous year.

“While we celebrate our success in 2022, we keep our eyes on the future as we ramp up construction activity at Solaire Resort North in Quezon City. We are excited to launch this new offering by the first quarter of 2024,” Mr. Razon said.

On the stock market on Monday, shares in Bloomberry declined by 0.32% or P0.03 to P9.40 apiece. — Adrian H. Halili

Source link


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories



Please enter your comment!
Please enter your name here