Bloomberry Resorts, the operator of the Solaire Resort & Casino in the Philippines, experienced a significant surge in earnings during the second quarter of 2022. Their income soared by a remarkable 131%, reaching 13.1 billion Philippine pesos (roughly 13.5 million euros, 13.6 million dollars, or 11.4 million pounds). This represented a substantial increase from the 7.7 billion pesos generated in the corresponding period of the previous year. This dramatic upswing was attributed to Manila, the casino’s location, being at the lowest COVID-19 alert level during the second quarter.
Bloomberry’s profitability has been on an upward trajectory since the beginning of the year, as COVID-19 restrictions have eased. Last year, the company faced significant challenges due to the constantly evolving quarantine regulations.
As Bloomberry’s revenue climbed, so did its expenses. These escalated from 3.5 billion pesos to 6.2 billion pesos. This rise was primarily driven by higher gaming taxes and the increased operational costs of the casino, as visitor numbers at Solaire surged.
Their quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) also witnessed a substantial increase, climbing by 277% compared to the same period in the previous year. It rose from 1 billion pesos to 3.9 billion pesos. The company also recorded a profit of 1.8 billion pesos, a significant turnaround from the 1.2 billion pesos loss incurred in the same period last year.
While Solaire is experiencing a resurgence in success, Bloomberry’s other casino, the Jeju Sun Hotel & Casino on Jeju Island, remains closed. This means the company has not generated any revenue from this location. It has been shuttered since March 2020 when the COVID-19 pandemic began, and it has yet to reopen. Consequently, Solaire is now Bloomberry’s sole source of income.
Bloomberry Resorts Corporation, based in the Philippines, reported robust growth in its second-quarter 2022 financial outcomes, propelled by the revival of the domestic economy and the resurgence of the gambling sector.
The resort’s high-roller, general table, and electronic gaming machine (EGM) earnings were 4.4 billion pesos, 4.1 billion pesos, and 4.6 billion pesos, respectively. High-roller revenue was nearly four times the total earnings in the second quarter of 2021, general table game revenue surged by 45%, and gaming machine revenue climbed by 175%.
Bloomberry Chairman and CEO Enrique K Razon Jr stated that the economic recovery was primarily attributed to strong domestic demand: “Our second-quarter results indicate continued recovery across all segments of our Philippine operations,” he mentioned.
“Robust demand from the domestic general market is driving revenue close to pre-pandemic levels and fueling sustained improvement in EBITDA and net profit.”
For further recovery, the chairman highlighted that the potential resurgence of regional tourism is a key indicator to monitor.
“Assuming the absence of a new COVID variant that could disrupt our progress, we anticipate further economic recovery as regional tourism resumes in the coming months.
“Meanwhile, we will continue to expand our market leadership by operating Solitaire with the highest standards of service and health and safety.”
Last year, in addition to the challenging pandemic environment of the preceding years, Bloomberry was ordered by the Singapore Court of Appeal to pay $296.6 million to gaming management company Global Gaming Asset Management (GGAM) after it was determined to have unlawfully terminated GGAM’s contract.
