Daily TribuneThe resorts and gaming company owned by billionaire Enrique K. Razon Jr. reported P9.5 billion in consolidated net income in 2023 or an 85 percent surge from its P5.1 billion earnings in 2022, reflecting a resilient Philippine economy amid challenges in the global economy
Driven by robust mass market demand, Bloomberry Resorts Corp., the gaming company owned by billionaire Enrique K. Razon Jr., experienced a significant increase in its profits last year that breached its pre-pandemic level.
In a stock exchange disclosure on Monday, Bloomberry reported a consolidated net income of P9.5 billion in 2023, which represented an 85 percent surge from P5.1 billion earned in 2022.
Bloomberry attributed the company’s increased profitability to a 24 percent growth in consolidated net revenue, which jumped to P48.4 billion last year, from P38.9 billion in 2022.
“I am pleased to report our financial and operating results for 2023, which reflect a resilient Philippine economy amid a challenging global economic landscape,” Bloomberry chairman and CEO Razon said.
Strong domestic market
“Driven by a strong domestic market, our annual EBITDA (earnings before interest, taxes, depreciation, and amortization) and net profit grew by 35 percent and 85 percent year-over-year, respectively,” he added.
Bloomberry is the operator of Solaire Resort Entertainment City, a $1.2-billion integrated destination resort on an 8.3-hectare site, the first establishment of its kind to open in the Philippine Amusement Gaming Corporation — sponsored economic development zone known as Entertainment City.
It also owns and operates the Jeju Sun Hotel and Casino on Jeju island in the Republic of Korea.
According to Razon, the company’s mass table games, electronic gaming machines, and non-gaming segments “performed remarkably as revenues in these areas breached 2019 pre-pandemic levels by a significant margin.”
Better growth prospects
This year, Razon pointed out that Bloomberry is ready to chart a larger growth path, especially with the scheduled opening of its second integrated resort in the thriving metropolis of Quezon City, which will massively enhance its luxury gaming and entertainment portfolio.
Razon confirmed that Solaire Resort North will be launched in late May as construction nears completion.
Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in clocked in at P616.4 billion, P51.2 billion and P356.7 billion last year, representing year-over-year increases of 28 percent, 35 percent, and 16 percent, respectively.
The Bloomberry report noted that all segments benefited from strong domestic demand and further improvements in international visitation.
South Korea operations
Overseas, Solaire Korea’s Jeju Sun delivered a gross gaming revenue of P31 million in 2023, which was a reversal from a loss of P8.5 million covering the 3 October to 31 December 2022 period.
Consolidated net gaming revenue for the year was at P39.7 billion, representing an increase of 23 percent from P32.2 billion in 2022. In the fourth quarter alone, consolidated net gaming revenue was P9.6 billion, up by two percent compared to the same period in the previous year.
On the other hand, consolidated non-gaming revenues reached P8.7 billion in 2023, which was a 30 percent increase from the previous year’s P6.7 billion. Non-gaming revenues meanwhile hit 107 percent of their 2019 values.
