Bloomberry Resorts Corp reported a decline in its financial performance for the second quarter of 2024, with consolidated gross gaming revenues falling by 4% year-on-year to Php14.5 billion ($255 million). This drop was primarily due to a significant decrease in VIP game volumes at its Entertainment City venue, despite the positive financial contribution from the newly opened Solaire Resort North in Quezon City.
Solaire Resort North, which began operations within the quarter, showed promising results despite being operational for only 37 days in Q2. The property generated a gross gaming revenue (GGR) of Php1.1 billion ($19.3 million) from mass table games and electronic table games, according to Inside Asian Gaming. Notably, the venue achieved an EBITDA of Php250.1 million ($4.4 million), signaling a strong start, although several gaming and non-gaming facilities were not yet operational.
Challenges in the VIP Segment
Despite the encouraging start at Solaire Resort North, the company’s overall performance was hindered by persistent challenges in the VIP segment. The VIP rolling chip volume at Solaire Resort Entertainment City saw a significant decline of 32%, totaling Php117.9 billion ($2.07 billion), with the VIP gross gaming revenue also falling by 21% to Php3.74 billion ($65.7 million).
Enrique K. Razon Jr., Bloomberry’s Chairman and CEO, remarked: “In the second quarter and first half of 2024, our mass gaming revenues across two properties increased year-over-year despite the very high base set in the first half of 2023.” He added, “However, continued weakness in the VIP segment as well as pre-operating and operating expenses at Solaire Resort North resulted in a decline in consolidated EBITDA and net income.”
Financial Overview and Future Outlook
For the six-month period ending June 30, 2024, Bloomberry’s consolidated gross gaming revenue was reported at Php29.2 billion ($513 million), marking a 6% decrease from the previous year. The consolidated EBITDA stood at Php8.6 billion ($151 million), down 23%, and net income saw a 38% decrease to Php4.0 billion ($70.2 million).
Looking ahead, Razon expressed optimism about the potential for increased profitability, stating: “As revenues at our second property grow, we anticipate further synergies and positive operating leverage to contribute to our group’s profitability in the coming quarters.” He underscored the early successes at Solaire Resort North as indicative of a positive ramp-up phase comparable to the one experienced by Solaire in Entertainment City over a decade ago.
The broader context of Bloomberry’s financial results includes a notable downturn in its VIP operations, a trend mirrored by many other gaming enterprises in the region. As Bloomberry continues to navigate these challenges, the initial success of Solaire Resort North offers a glimmer of hope and a potential roadmap for recovery and growth in the highly competitive gaming industry.
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